Space Race First Anniversary: Scale Takes Shape, Ecology Grows
2020–8–25 to 2021–08–25, unknowingly, has reached the first anniversary of the Filecoin space race, so what changes have occurred in the Filecoin network and ecosystem during this year? And how is it changing the status quo of storage step by step? Here’s a review.
The Filecoin ecosystem is growing rapidly
Filecoin’s effective storage power will soon exceed 10EiB
Since last year, 3,035 storage providers have participated in-network storage. Over one year, they contributed a total of 9.58EiB of storage, with an average daily growth rate of about 27PiB. In addition, as the network gradually maturates and the number of participants increases, the growth rate of each EiB is faster and faster. From 61 days of growth in the first 2EiB to the current stable rate of about 20 days, with a much higher growth rate of about 2/3.
Among them, the top 50 storage providers account for 28.71% of the power, the top 100 storage providers account for 40.27% of the power, and the remaining 2,935 storage providers account for 0.02% on average, that is, 3.29% of nodes have more than 40% of the power. The current network dispersion is not strong enough to be completely stable.
64GiB is more favored by head storage providers
Among the top 10 storage providers, 64GiB sector has 9, 32GiB only 1; Among the top 50 storage providers, 32 are in the 64GiB sector (1.86EiB) and 18 are in the 32GiB sector (0.89EiB). Of the 2000 out-of-store providers, 84.46% had 32GiB and 15.54% had 64GiB.
This leads to the following:
- 64GiB is more conducive to lower Gas fees and more popular in the market among head storage providers, while 32GiB is more preferred among non-head storage providers.
- It is also possible that some early storage providers abandoned 32GiB sectors in favor of 64GiB sectors to reduce fees.
Sector type split, number 3–7
With the Filecoin network’s 32GiB sectors proving to have high Gas fees and network congestion not being effectively addressed, some storage providers are choosing 64GiB sectors, resulting in two types of sector providers. Among the above 3035 storage providers, 2076 of them choose 64GiB (68.40%) and 952 still choose 32GiB (31.60%). However, storage size still accounts for half of each, with 32GiB storage providers having an effective storage size of 4.53EiB (unable to change sector type after determination), compared to 5.05EiB for 64GiB storage.
New entrants in 2021 are twice as many as in 2020
The number of storage providers in 2020 is 1001, compared to 2034 in 2021, 2.03 times the number in 2020; the effective arithmetic power in 2020 is 3.26 EiB, compared to 5.95 EiB in 2021, 1.91 times the number in 2020. From the above data, we can learn that although 2.03 ≥ 1.91, the number of growth is faster than the effective arithmetic scale, and the growth of arithmetic power is less than the growth of the number, which indirectly indicates that some nodes have slow storage growth and do not grow with the node growth arithmetic scale at the same frequency.
With the implementation of FIP, Filecoin storage is gradually stabilizing
The orange line is the cumulative storage size of the whole network, and the blue line is the increase of storage size on the same day. As can be seen from the above data, the network growth has been doubled from the initial 20PiB daily growth rate to the current 50PiB daily growth.
As we all know, the Filecoin network is in the process of continuous update and improvement, and some unexpected situations will occur unpredictably. Each time an accident occurs, it will cause a large shock to the network that day. As the network gets better and better, we can see the amplitude getting smaller and smaller, which means that it will be hard to see a massive drop in arithmetic power in the future.
Gas fee consumed 24.35 million FILs, accounting for 24.28% of the reward
Over the past year, the proof of time and space and proof of replication consumed a whopping 24.35 million FILs (about $1.520 billion) in Gas fees, accounting for 24.28% of the accumulated 100 million rewards. In other words, 1 out of every 5 FIL rewards will be destroyed, favoring pass-through deflation and price increase. Among the two proof methods, Provecommitsector consumes the highest, accounting for 68.85%; Precommitsector is the second, accounting for 26.49%.
The explosive growth of ecological applications
In the past year, Filecoin ecology has established a more complete ecological map, there have been hundreds of projects involved in it, including storage providers, holders, and developers, and developers have received strong attention from the support acceleration camp, which includes Filecoin Frontier, Firecoin X Filecoin Incubation Center, Distributed Capital X Filecoin Eco Fund, Block Dream Fund, LongHash X Accelerator, HackFS, Filecoin X Chainlink funding program, etc. so that the project development is greatly supported and encouraged.
At the application level, storage applications have been fully developed, including file transfer, video, content, music, social, cloud drive, NFT storage, Defi, and other 12 categories, the application is constantly refining and improving the storage ecology; At the same time, the search is not motivated, but it is also focused on by the project and laid out in advance.
The Filecoin space Race has seen the rise of not only storage but also ecological applications. While Filecoin has a big vision, there’s a whole host of projects in the works that will one day shine around the world.
The future has come, and it’s sneaking up on you on the first anniversary of the space race.