At press time, Filecoin (FIL) price is increasing by over 100% over the past 24 hours, trading at around $ 61.91. The reason seems to be due to Filecoin launching the mainnet with a lot of fanfare.
Source: CoinGecko
Filecoin, one of the biggest ICOs, launched its mainnet today to much fanfare
Filecoin is the decentralized storage project which was developed by Protocol Labs. And it finally launched its mainnet at 14:44 UTC on Oct. 15, after three years of development. Filecoin’s circulating supply is currently standing at roughly 10.4 million tokens. The maximum amount of tokens mined over the decades will not exceed 2 billion.
Filecoin might be the most ambitious blockchain project ever. Back in 2017, its initial coin offering (ICO) raised a whopping $ 257 million in half an hour through the sale of 200 mln tokens.
According to CoinGecko, the diluted valuation of Filecoin (FIL) is currently standing at an eye-popping $ 325 billion. Meanwhile, Bitcoin’s market cap is just around $ 210 billion, while Ethereum (ETH) is valued at $ 42 billion.
However, it’s important to remember that Filecoin’s real market cap is only a fraction of the aforementioned sums, as only a small fraction of its total supply is currently in circulation. Furthermore, many believe that Filecoin is trading a lot lower than its cost base before the launch of spot trading because of derivatives, which is why the bears expect it follows the path of ZCash.
Messari’s Eric Turner has estimated that its fully diluted market cap is actually $ 38 billion, placing it below Ethereum.
Supply is affected by many factors, such as the mining release schedule and the number of tokens locked in the smart contract.
ShapeShift CEO Erik Voorhees describes Filecoin as one of the most valuable projects of the ICO era:
The biggest news of tomorrow: @Filecoin launches.
Yeah, it’s got a boring name, but this is easily one of the most professionally built, carefully-executed, and *valuable* projects that has emerged from the ICO era.
Huge props to @protocollabs ?https://t.co/pcoaCtANNw
— Erik Voorhees (@ErikVoorhees) October 14, 2020
Gemini and Kraken, two of the largest cryptocurrency exchanges, both treated Filecoin VIP by listing cryptocurrencies before the launch of the mainnet. FIL trading is already active on the Gemini exchange.
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