- Filecoin EVM total value locked has jumped to an all-time high.
- The protocol’s revenue jumped in FIL terms in the second quarter.
Filecoin price moved sideways even as the network continued doing well. The FIL token was trading at $4.38, where it has been in the past few days. This price is about 60% above the lowest level in June and 53% below the year-to-date high.
Filecoin EVM activity is booming
Filecoin is a platform that is seeking to become the decentralized version of Amazon Web Services (AWS) and Microsoft Azure. It uses distributed computers to provide storage capacity to companies and developers from around the world.
Filecoin has been expanding its ecosystem. A few months ago, the developers unveiled Filecoin Web Services, a suit of cloud services that mirror those offered by the biggest cloud computing companies. Some of these tools are Containers and Kubernetes.
Read more: How to buy Filecoin.
Filecoin also launched Filecoin Virtual Machine (FVM), a platform that enables developers to create decentralized applications (dApps). Recent data shows that the FVM network is doing well even as the cryptocurrency market struggle.
Data published by DeFi Llama shows that the total value locked (TVL) in its DeFi ecosystem has jumped to an all-time high of over $56 million. This happened in less than four months, making it bigger than some of the oldest chains. In FIL terms, the TVL in Filecoin has jumped to over 12 million FIL.
Most of the dApps in the ecosystem are in the liquid staking industry. They include platforms like STFIL, GLIF, Filet Finance, SFT Protocol, and Hashking. Most of these platforms have seen their TVL jump by over 20% in the past 30 days.
Meanwhile, a report by Messari showed that Filecoin’s protocol revenue jumped from 1.6 million FIL in Q2’22 to 2.5 million FIL in the last quarter. Average active storage deals (PiB) jumped from 86.9 to 954. Storage utilization rose from 0.5% to 7.6%.
Filecoin price prediction
The daily chart shows that the FIL crypto price has moved sideways in the past few days. As a result, the coin is oscillating at the 25-day and 50-day moving averages. It has moved slightly above the ascending trendline shown in orange. A closer look shows that the volume has been deteriorating.
Therefore, the outlook for the coin is bearish unless bulls manage to move it above the important resistance level at $5. Unless this happens, Filecoin’s price could slip to the next support at $4.
