Does anyone understand? Once hailed as the 'top player' in decentralized storage, Filecoin has now become a 'tragic character' in the crypto circle. On December 12th, the total network computing power dramatically fell below the 20EiB mark, stopping at a historical low of 19.999EiB, just 0.001EiB away from completely breaking the psychological barrier. This move has truly tightened the hearts of ecosystem participants!
Let’s be straightforward. As an analyst who has immersed in the industry for many years, I have never seen a star project play a good hand so poorly. Behind all this, the 'mysterious actions' of the Filecoin Foundation (FF) are undoubtedly to blame. Today, we won't play around; let's talk with data and explore how Filecoin's 'life and death dilemma' came to be.
First, let me present a set of heartbreaking data: over the past 41 days, Filecoin's computing power has plummeted by 1.863EiB, which translates to a more intuitive unit of 1907.712PiB, evaporating an average of 46.5PiB per day. These are not just cold numbers, but the hard work of countless storage providers, with physical storage space shrinking to 2.5EiB, and both DC and CC data computing power shrinking by 0.15EiB, equivalent to the entire network's 'muscle' accelerating its loss.
Newcomers may not understand what this means, so let me break down the core issues (warning: valuable information ahead): First, the ecosystem is experiencing severe 'blood loss,' with storage providers leaving in droves, and active nodes decreasing by 115. Although the total account number barely surpassed 3.71 million, most are 'zombie accounts' that cannot drive ecological vitality. It’s worth noting that the core competitiveness of decentralized storage lies in node scale and computing power stability. Given the current situation, not to mention competing with centralized giants like AWS, even emerging open-source storage solutions like RustFS and Garage are snatching market share. If Filecoin continues to remain passive, it risks being eliminated from the industry.
More fatal is the 'vicious cycle' of the token economy: the current total circulation has exceeded 800 million (specifically 800991058), with an additional 510,000 being added daily, while the total staking amount has hit a historical low of 106871356, reducing by 10411483 within 41 days, averaging a daily loss of 250,000. In contrast, the burning amount is only about 4,000 per day, totaling 0.41303 million; this burning amount is merely 'a drop in the bucket' compared to the massive circulation, and cannot withstand the pressure of inflation. Some community members have proposed on GitHub to burn 300 million reserve tokens and lower the supply cap to relieve pressure, but FF has not responded clearly so far. This 'procrastination' style of governance has undoubtedly left ecological participants disheartened.
To put it bluntly, FF’s actions this time have truly taken 'conservatism' to the extreme. Clearly, the industry is in the windfall period of decentralized storage, with enterprises complaining about the risks of centralized storage lock-in and price fluctuations. Logically, this is the perfect time for Filecoin to seize the market, but FF has frequently been absent in critical decisions, failing to implement effective incentive policies to retain storage providers, nor has it promoted the optimization of the token economic model, instead allowing the ecology to fall into a 'declining computing power → insufficient confidence → staking escape → further decline in computing power' death spiral.
I firmly believe that Filecoin still has a chance to turn the tide. After all, the prospects for decentralized storage are broad, with the market size expected to reach 61.2 billion USD by 2034. As long as FF can learn from its mistakes and promote reforms: for example, improving governance transparency to allow the community to truly participate in key decisions; optimizing token release mechanisms to alleviate inflation pressure; increasing support for quality applications to activate ecological vitality, it may still be able to make a comeback.
Lastly, I want to share a couple of heartfelt thoughts: the crypto industry has never lacked stories of 'turning the tide against the wind,' but the prerequisite is that the core governance must have the courage to break the deadlock. I will continue to track the reform movements of FF and the competitive landscape of the storage track. Do you think Filecoin still has a chance to turn the tide? Let's discuss your views in the comments section; follow me @男神说币 #巨鲸动向 $BTC .
