Can Filecoin’s Latest Achievements Pull FIL out from the Bears’ Grip

Filecoin [FIL] just said that it will put the InterPlanetary File System in space. The official statement says that the trip will happen in 2023 on the LM 400 Technology Demonstrator spacecraft from Lockheed Martin.

For the first time, this mission is evaluating in-space use cases for decentralized storage.

Because it is a first-of-its-kind mission, this new endeavor has the potential to be a game changer for Filecoin. The mission will demonstrate an IPFS application for space-to-ground communication. IPFS will “content-address” data from space and make it available on the IPFS network.

“From the outset, IPFS was envisioned as a platform that may enable networking beyond ‘interplanetary’ distances,” stated Marta Belcher, president, and chair of the Filecoin Foundation.

Aside from this new disclosure, Messari’s statistics indicated that the number of active Filecoin transactions climbed by 117% quarter over quarter in Q4 2022. This appeared to be a positive sign for Filecoin, as it showed greater global usage.

Interestingly, FIL was also named one of the top blockchains in terms of income earned in the previous seven days.

While FIL’s income climbed, so did its total value locked (TVL), which has been steadily increasing since the beginning of the year.

Even with all of these big announcements and successes, it was surprising that FIL’s metrics performance wasn’t very good because most of the important KPIs were against the network.

FIL’s derivatives market demand has declined in the recent week as its DyDx funding rate has decreased. The volume of the cryptocurrency has also gone down, which is usually seen as a sign that prices will go down.

The same could be said for the network’s development activities, which decreased as well. FIL failed to improve its price last week, which can be attributed to the lower four-week volatility. FIL was trading at $5.36 as of press time, with a market value of more than $2 billion.