FIL has experienced a 28% increase in value over the past seven days, placing it 11th among the top 100 cryptocurrencies. Filecoin, a decentralized file storage network, has witnessed a 17% surge in three days following its announcement of integration with Solana, the rapidly developing Layer 1 network.
On February 16, Filecoin disclosed its collaboration with Solana, stating that it would now host Solana’s block history. This integration enables Solana-based ecosystem and infrastructure projects to transition away from centralized data storage solutions, thereby enhancing Solana’s decentralization.
Solana's integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5
— Filecoin (@Filecoin) February 16, 2024
“By leveraging Filecoin’s decentralized storage capabilities, Solana can achieve data redundancy, scalability, and enhanced security while staying true to its decentralized ethos,” Filecoin tweeted. “Solana is utilizing Filecoin to make its block history more accessible and usable for infrastructure providers, explorers, indexers, and anyone needing historical access..”
🔥🔥🔥
I am really excited to see this launch. Huge thanks to @Filecoin for building an awesome decentralized archive layer.
And to @triton_one, who did a ton of work to ship this!
— toly 🇺🇸 (@aeyakovenko) February 17, 2024
Anatoly Yakovenko expressed enthusiasm about the launch, stating, “I am really excited to see this launch. Huge thanks to Filecoin for building an awesome decentralized archive layer.”
The announcement has fueled bullish sentiment for Filecoin’s native token FIL, which has surged by 11% in the past 24 hours and 28% over the previous week, ranking it seventh and 11th among the top 100 cryptocurrencies, respectively, according to CoinGecko. However, despite these gains, the token remains 13% below its local high in early January.
Solana’s Bullish Momentum Pauses
The integration news comes amidst a significant rally for Solana, with its SOL token skyrocketing by 470% since the end of September. This surge followed alleviation of concerns regarding FTX, the bankrupt centralized exchange, potentially offloading large quantities of SOL.
Solana briefly surpassed the Ethereum mainnet by various key metrics, including daily active users, DEX volume, and NFT sales in November. Additionally, USDC on Solana became the most-traded stablecoin in early January, coinciding with a surge in Google search volume for “Solana,” surpassing that of “Ethereum.”
However, Solana’s bullish trajectory experienced a setback earlier this month due to a catastrophic outage, resulting in five hours of downtime and necessitating a network restart. This incident reignited criticism regarding Solana’s reliability and centralized architecture, marking the network’s 11th instance of degraded performance in two years.
Nevertheless, SOL has managed to increase by 1.6% in the past 24 hours and 6.7% over the last seven days. With a market capitalization of $50.2 billion, SOL remains the fifth-largest cryptocurrency, having temporarily surpassed BNB Chain last week.
