- Filecoin’s Q2 2023 performance revealed a 64% quarterly increase in active deals, catalyzed by the Filecoin Virtual Machine enabling new use cases.
- According to Messari, Filecoin’s revenue model takes inspiration from Ethereum’s EIP-1559, with protocol revenue generated from a sum of base fees, batch fees, overestimation fees, and penalty fees.
Filecoin’s impressive Q2 2023 performance marks a 64% increase in active deals quarter-on-quarter, as highlighted by a recent report from Messari. The substantial rise is attributed to the advent of the Filecoin Virtual Machine, which has enabled a host of new usage cases.
1/ Curious about @Filecoin's Q2 2023 performance?
Filecoin's performance in Q2'23 witnessed a 64% QoQ increase in active deals. Additionally, the Filecoin Virtual Machine enabled new usage cases.@tech_metrics and @JenniferOvat dive into highlights below. 🧵 pic.twitter.com/AgmQKDtmEH
— Messari (@MessariCrypto) July 13, 2023
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Mirroring Ethereum’s EIP-1559: Filecoin’s Revenue Model
Interestingly, Filecoin’s revenue model is showing striking resemblances to Ethereum’s, being largely based on Ethereum Improvement Proposal (EIP)-1559. This gas system incorporates network fees that are effectively burned to offset consumed resources. Filecoin’s protocol revenue is constituted by the aggregate of base fees, batch fees, overestimation fees, and penalty fees.
The resonance with Ethereum’s EIP-1559 appears to have reaped benefits for Filecoin. The protocol revenue derived from Filecoin ($FIL) fees observed a significant 91% rise to 2.5 million $FIL, aligning with an upsurge in active storage deals and clients with extensive datasets. Concurrently, base fees witnessed a three-fold increment quarter-on-quarter, while penalty fees experienced a decline from the peak of Q4 2022.
In terms of active storage deals, the technology sector leads the way, accounting for a whopping 41% of the deals. Hot on its heels, the natural resources sector makes up 31% of the utilization of Filecoin’s services. This industry-wise breakdown demonstrates a broad and diverse application of Filecoin’s technology, signaling its increasing penetration across different sectors.
In a nutshell, Filecoin’s Q2 2023 performance manifests robust growth, enabled by an effective revenue model mirroring Ethereum’s EIP-1559. As Filecoin continues to enable new use cases through its Virtual Machine, one can expect further market dynamism and sector-wide integration in the quarters to come.
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