Filecoin experienced notable shifts in Q4 2024, reflecting a strategic move toward enterprise adoption and high-value storage. The network stored 1,500 PiB through active deals, a 9% drop from the previous quarter.
According to the report, this decline aligned with a focus on perpetual archiving, data privacy, and Web2/Web3 integrations rather than raw storage volume. The shift aimed to enhance storage incentives, deal structures, and overall efficiency.
Storage utilization rose to 32%, up from 31% in Q3, driven by a 13% decline in raw byte storage capacity. Capacity dropped from 4.8 EiB to 4.2 EiB as Filecoin moved away from supply incentives. Since peaking at 17 EiB in 2022, incentives changed, leading smaller providers to exit.
Active storage providers fell to 1,900 in Q4 from 4,100 in 2022. Filecoin now prioritizes AI-driven solutions, compliance-ready storage, and enterprise integrations. Key projects like DeStor, Seal, and Filecoin Web Services focused on efficiency rather than capacity expansion.
Filecoin’s role in decentralized storage became more pronounced with enterprise and developer adoption. Its low storage costs attracted businesses needing archival solutions.
DeStor partnered with Qamcom DDS to enhance security and scalability, benefiting clients like YayPal, a Web3 gaming studio with over 500,000 users, and Fieldstream, an AI marketing analytics platform. Other projects contributed to growth, such as GhostDrive, which emphasized encryption, and Seal, which onboarded large institutions like UC Berkeley and Starling Labs.
Filecoin onboards more clients and large datasets
By the end of Q4 2024, Filecoin had onboarded 2,263 clients, up 10% from the previous quarter. Of these, 751 clients uploaded large datasets, signaling rising demand for decentralized storage. The introduction of FIP-0092 during the Waffle upgrade played a key role.
It reduced entry barriers through non-interactive proof of replication (NI-PoRep), improving proving efficiency and lowering computational costs. These improvements expanded network storage capacity and allowed larger datasets to be onboarded.
Financial activity surged, with total inflows reaching $99 million, a 21% increase from Q3. Outflows also jumped 50% to $75 million. The rise in deposits and borrowings suggested increased liquidity demand, possibly influenced by market volatility and incentives.
Compared to Q4 2023, inflows increased 87%, reflecting Filecoin’s growing lending market. FIL inflows and outflows remained stable at 21 million and 15 million FIL, respectively, with fluctuations tied to a 30% rise in FIL’s price.
