Decentralized storage network Filecoin has finally launched its highly anticipated FIL token, seeing its price skyrocket by 630% just hours after going live.
As of writing, the coin’s price remains highly volatile. At launch, FIL debuted at $28.61, reaching a short-lived peak of $208.95. FIL has since dropped to its current price of $65.03, per CoinGecko. Similarly, its market cap has fluctuated intensely, surging from $421 million to a peak of $1.5 billion at launch, and has since dropped to $1.06 billion.
Filecoin is a decentralized file sharing and storage service, designed to provide reliable longterm storage solutions and competitive storage pricing. Users can store files on Filecoin or get paid to store user data. Those who mine data storage yield the platform’s native token, FIL. Exchanges of FIL are recorded on the blockchain and used to verify that user data is being stored correctly.
Filecoin’s storage solution could benefit those who don’t