Project Safety Score: 44%
Updated 6 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 a solid track record with over six years in operation. While it has one regulatory action and one historical incident on record, it is important to note that its regulatory compliance score is decent. However, there are two additional concerns identified in the research that could impact perceptions of its reliability.
Economic design score 40 out of 100.
Filecoin's economic design poses concerns due to the absence of a hard supply cap, which may lead to inflation over time. Additionally, only 40% of its total supply is currently circulating, raising potential issues of scarcity and value retention in the long run.
Developer health score 0 out of 100.
The developer health for Filecoin is notably weak, given that there are no recent commits and no activity reflected on GitHub. This lack of engagement suggests that the project may not be receiving ongoing development support, which can be a serious red flag for investors.
Network security score 63 out of 100.
Filecoin exhibits moderate network security, partly due to its substantial market cap of approximately $718 million and its six years of operational history. Although it has recorded one historical incident, its long existence adds a level of confidence in its foundational integrity.
Social behavior score 43 out of 100.
Filecoin's social behavior score indicates limited engagement, as no substantial community data is available. Despite this, there seems to be a moderate overall sentiment with 67% positive discussions. Nevertheless, the presence of allegations and regulatory actions raises caution regarding its reputation.
Adoption liquidity score 52 out of 100.
Filecoin enjoys a decent level of adoption, evidenced by its significant trading volume of around $58.9 million in the last 24 hours and its presence on 65 centralized exchanges, 32 of which are considered trustworthy. This gives it a level of liquidity that could attract traders and investors alike.
Inherent risks associated with cryptocurrency remain present for Filecoin, particularly due to the historical incidents and recent allegations of scams. As with any crypto asset, potential investors should conduct thorough research and consider market conditions and project fundamentals before making investment decisions.
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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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