Project Safety Score: 44%
Updated 7 minutes agoFilecoin is a decentralized storage network that enables participants worldwide to serve as storage providers. It operates by separating data storage from additional services, thus allowing storage to function similarly to a commodity or utility.
The network facilitates a market-driven pricing model for storage, influenced by supply and demand rather than corporate pricing strategies. Miners on the Filecoin network are motivated to compete based on factors such as reliability and price.
Cryptocurrency carries risk. Every project listed on this site, regardless of its score, operates in a volatile and largely unregulated market. Tokens can lose most or all of their value. A high score reflects lower structural risk based on the data we can measure. It does not mean a project is safe, that the price will hold, or that losses are unlikely. Always research independently and never commit money you cannot afford to lose.
Track record score 66 out of 100.
Filecoin has been operational for over 6 years, displaying a solid track record. While there has been one regulatory action identified, it has successfully maintained a reasonable incident history with only one historical incident reported. However, additional concerns have been highlighted in research, contributing to a lower score in this area due to regulatory scrutiny.
Economic design score 40 out of 100.
The economic design of Filecoin raises concerns, primarily due to the absence of a hard supply cap, which could lead to potential inflation issues. Additionally, with only 40% of the total supply currently in circulation, the project's economic sustainability may be questioned, impacting its long-term viability.
Developer health score 0 out of 100.
The developer activity surrounding Filecoin is critically low, with no commits recorded in the past month, and the project currently holds zero GitHub stars or forks. This lack of developer engagement could hinder its ability to innovate or respond to market changes, raising significant concerns regarding its ongoing development and support.
Network security score 63 out of 100.
With a market cap of approximately $718 million and an established chain age of over 6 years, Filecoin scores moderately well in network security. However, the economic security score is lower, suggesting that while the network has some historical incidents, its market position presents challenges that could affect overall security and stability.
Social behavioral score 43 out of 100.
Filecoin's social metrics indicate mixed signals. While sentiment shows a majority positive response, there are concerning factors including scam allegations and regulatory issues that hinder its reputation. Additionally, specific social audience data is limited, which restricts a fuller understanding of community engagement and sentiment.
Adoption liquidity score 52 out of 100.
Filecoin has a decent presence in the market with a daily trading volume of approximately $58 million and is listed on 65 centralized exchanges, providing significant liquidity. However, its market cap suggests that it may be struggling with broader adoption, and while liquidity exists, the lower daily volume score indicates it might not attract consistent investor interest.
Investing in Filecoin carries inherent risks associated with its economic design, developer engagement, and social perception. The combination of a low developer health score and concerns about regulatory actions and supply dynamics might lead to volatility, making it essential for potential investors to conduct thorough research before participating.
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Prior: Protocol LabsFounder and CEO of Protocol Labs, the company behind Filecoin.
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0.8
Filecoin's largest firm, Shikongyun, was investigated for fraud and pyramid schemes in China.CoinGape · source ↗
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SEC 2024-09-15Filed a lawsuit against Binance, naming Filecoin (FIL) as an unregistered security. ↗
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pyramid scheme 2023-11-01 · $50000000Chinese authorities dismantled a Shenzhen-based operation that lured thousands of retail investors with fabricated promises of 20-50% monthly yields from FIL mining hardware and staking, resulting in estimated losses of $10-50 million. ↗
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CoinGape · 2022-05-25
- ✓Strong market liquidity with a 24-hour trading volume of approximately $67 million.
- ✓Led by a reputable team with a documented professional background.
- ✗Project has a history of hacks or exploits
- ✗No recent code commits
- ✗No hard cap on total token supply
- ✗Regulatory action has been taken against this project
- ✗Public scam allegations have been raised
- ✗Less than 50% of supply is circulating
- ✗No hard supply cap, potential for inflation.
- ✗Only 39% of total supply in circulation, 61% remains locked or reserved.
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