Filecoin FVM DeFi TVL surges to record as FIL price recoils

on Sep 20, 2023

Filecoin ecosystem is doing well, even as the crypto winter continues. The most recent data shows that Filecoin Virtual Machine (FVM) inflows have jumped to a record high in the past few months.

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Data by DeFi Llama shows that the total value locked (TVL) in the ecosystem rose to over $82 million. In FIL terms, data shows that the TVL jumped to over 24 million FIL in the past few months.

The biggest player in FVM is GLIF Pools Infinity, whose TVL has jumped to over $27.5 million. Other large players in the ecosystem are STFIL, THemis Pro, MineFi, SFT Protocol, and Filet Finance. Eight of the FVM platforms have a TVL of more than $1 million.

Filecoin DeFI TVL

By numbers, over 2,600 token holders have deposited in GLIF and over 2 million have deposited in stFil. All this growth has helped make Filecoin Virtual Machine become the 32nd biggest player in the DeFi industry. It is bigger than platforms like Near, Waves, EOS, Tezos, Hedera Hashgraph, and Aptos.

For starters, Filecoin is one of the biggest disruptors in the blockchain industry. The network uses a decentralized strategy to disrupt the file storage industry. Anyone with a computer can provide storage and make money.

Filecoin has been expanding its capabilities in the past few months. For example, Filecoin Virtual Machine is a platform that makes it possible for developers to build quality decentralised applications (dApps) that leverage its storage features.

Further, the developers also launched Filecoin Web Services (FWS), a suite of products that helps developers build applications. Some of these products are containers and Kubernetes. The goal is to enable Filecoin become a viable alternative to AWS and Microsoft Azure.

Still, Filecoin price has remained under pressure despite these achievements. FIL was trading at $3.37 by more than 64% from the highest level this year.


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