First show shock, Filecoin value to be verified

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At 10:44 pm on October 15, the Filecoin block height reached 148888, and the mainnet was officially launched.

After three years, Filecoin, ridiculed as “Ace Pigeon”, finally “shame”. Then, the price performance and network operation of the main network asset FIL became the focus of market attention.

At 11:50 that night, Huobi opened FIL trading, and then the market price went out of the roller coaster K-line. After a short-term rise to 220 US dollars, FIL began to fall sharply. As of 2 pm the next day, FIL quoted at 65.5 US dollars, which was 70% lower than the high point.

Filecoin, which was launched after three years of endless calls, has set off a large number of market expectations under the callsigns of its supporters. But in fact, the mainnet launch is only the first step in its value landing. At present, the Filecoin network is operating smoothly, but it is still in the “monitoring period”, and there is no real application built on the network. The market demand for FIL is far less than the hype demand.

A Filecoin miner believes that Filecoin still needs to complete the process of accumulating and developing like Ethereum. Although the vision of decentralized storage is exciting, it still needs to build a large number of applications to verify the feasibility of this network. “A speculative game in the secondary market with excessive expectations is tantamount to gambling.”

FIL soaring and falling, Filecoin official selling?

The Filecoin mainnet line has made up for the declining DeFi market enthusiasm and has become a new hot spot for the entire industry.

Although the main network that has been delayed repeatedly is highly anticipated, there are more investors than miners, and the focus has shifted to performance in the secondary market. At 11:50 pm on the 15th, Huobi Global launched FIL. In order to prevent the currency price from violently fluctuating, Huobi has specially set up opening protection. Within 5 minutes of open trading, the price of current trading orders is restricted, and the price cannot be higher than the opening 5 times the price, normal trading will resume after 5 minutes.

FIL opened on Huobi at a price of $10. After the opening protection ended, FIL rose to $220 for a short time. The carnival did not last long, and after a brief see-saw, FIL fell rapidly. At 1 am on the 16th, FIL closed at $111, which was almost halfway from the high.

Subsequently, FIL continued to decline. As of 2 pm on the 16th, FIL was quoted at US$65.5, and the trend has stabilized like many new currencies. Although there is a 555% increase from the opening price, it has fallen more than the high of US$220. 70%.

The FIL roller coaster-like movement is like a panic. High sellers make a fortune, and of course there is no shortage of “takers.” Some people use “debut is the peak” to describe Filecoin’s performance in the secondary market. The much-anticipated mainnet line seems to have become a big negative after “exhausting all the benefits.”

In the heated discussion in the market, some investors questioned that an unknown account obtained 1.5 million FIL tokens on October 15 and transferred 800,000 FIL tokens to Huobi. According to the unlocking plan, early investors, officials and miners should unlock only 500,000 in the first day.

Filecoin is officially in doubt about selling. Later, the relevant official replied that these coins were transferred to different exchanges, not just Huobi, but mainly to establish independent market makers to maintain stable prices in the early stages of the project, because at this time the prices may be the least expensive. stable. At the same time, it stated that these coins were not a sell-off of FIL by the Filecoin team. Another member stated that it is part of investor allocation, “As early as 2017, we said that some unsold tokens will be used for market making.”

But the suspicion has not completely dissipated. Some people think that to maintain price stability, it should be bought with USDT instead of transferring a large amount of FIL to the exchange. The official did not respond to this question.

The main network is stable and the commercial value needs to be verified

One hour after the mainnet went live, Filecoin officially announced that the network has entered a post-launch monitoring period to ensure the normal operation of the network. Next, Filecoin will prepare to launch the Week (Filecoin Liftoff Week) activities while closely tracking network performance.

As planned, the Filecoin launch week will be held from October 19th to 23rd to celebrate the launch of the Filecoin mainnet and explore the future of the network.

As of 3:00 pm on October 16, according to the data of the FILscout blockchain browser, the total computing power of Filecoin’s entire network reached 578.38 PiB, the block reward was 10.83 FIL, the average block generation time was 30 seconds, and the total number of accounts on the entire network was 38,999. .

On the whole, the miners are digging in an orderly manner. The entire Filecoin network currently has no major loopholes or problems, and the operation is relatively stable. A miner told Honeycomb Finance that Filecoin had undergone multiple rounds of testing before its launch, especially during the space race, many problems were exposed and dealt with one after another, so the mainnet is relatively stable after the launch.

As the incentive layer of IPFS, Filecoin builds a decentralized storage network and provides FIL token incentives to data storers and block validators. The above-mentioned miners said that the current distributed storage is only for cold data, and storage efficiency, quality, and service status are relatively primitive. Due to technical reasons, users’ cognition of new storage formats, and economic system design, distributed storage is in a nascent stage.

Although the Filecoin mainnet is already live, it is obviously too early to talk about its application. Just like when Ethereum first came out, the network lacked application developers and users, and its early development was relatively slow.

“Filecoin will also be a process of accumulation,” said the miners. The current task is to maintain the stable operation of the network, solve some bugs and ensure the security of the network. When some applications are established, the market still needs to verify the feasibility of the Filecoin business system. Only when decentralized storage makes people feel that it has advantages and is profitable, Filecoin will usher in a leapfrog development, just like this year’s DeFi.

At present, Filecoin’s mainnet launch only means that it has completed the first milestone in its long journey, and since it has not yet exerted its actual value, the secondary market’s hype sentiment is greater than demand, and it is inevitable to see the currency price rising. After a sharp rise, it fell to the bottom. For investors, it is better to focus more on Filecoin’s network development. Secondary market operations for speculative purposes are often risky.