How long can it last?
That's what crypto analysts are wondering about the Filecoin incentive program, the driver behind the bulk of the blockchain project's growth.
Filecoin was launched in 2020 to decentralize the data storage business, providing an alternative to industry giants like Amazon (AMZN) at nearly a thousandth of the cost.
At its core, the network connects storage providers with clients looking to stow their data. By offering storage space – ranging from extra capacity on desktop computers to large racks – and then running mathematical proofs to show that clients’ data is unaltered, providers can earn the network’s native FIL token as a blockchain reward.
Recently, activity has been picked up the pace. According to a Messari report, active Filecoin storage deals between providers and clients surged 128% from the first quarter to the second quarter of 2022.
That has crypto analysts calling attention to the incentive program linked to 99.7% of that growth – Filecoin Plus...
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