Should you place your bets on Filecoin in Q3? Market data suggests…

Realistic or not,Filecoin operates as a decentralized data service platform built on the InterPlanetary File System . It serves both the storage market’s demand and supply sides. FIL, the native cryptocurrency of Filecoin, plays a vital role as it enables users and applications to access data-related services.

Over the last quarter, the number of total active deals on the FileCoin protocol witnessed significant growth. At press time, Filecoin had stored more than 1,218.17 PiB through active deals.Due to the rising number of deals on the protocol, the fees collected by FilecCoin and the subsequent revenue generated by the protocol surged. According to token terminal’s data, the fees and revenue generated by Filecoin grew by 33.2% and 34.2% respectively over the last quarter.

The current cryptoeconomic specifications indicate that the FIL mining reserve is currently inactive. This suggests that the mining process is not actively adding new FIL tokens to the circulating supply at the moment.

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