Filecoin drops to $0.83 amid its Onchain Cloud launch - Coinfea

Filecoin has dropped to $0.83 after the platform announced on X that its Onchain Cloud is live on the mainnet. According to the network, the new service is designed to provide a programmable storage and payments layer for developers. However, after the launch, the Filecoin token dropped to $0.83, near its all-time low of $0.81 recorded last month.

Filecoin Onchain Cloud is built for AI agents. It works as a programmable storage and payments layer. AI agents are a new class of cloud users with autonomous systems that need to store, retrieve, and pay for data without relying on humans. According to the announcement, over 100 teams started building tools for AI agents, dApps, workflows, and dataset indexing. The teams joined when Filecoin Onchain Cloud was on testnet last November. Mainnet data shows 49.41 Tebibytes stored in 478 active datasets, with 81 payer wallets linked onchain through Filecoin Pay.

Filecoin launches Onchain Cloud for AI agents

The mainnet launch brought in new updates, including two-copy replication, an updated Synapse SDK, and production-grade storage providers. The two-copy replication feature means that every upload using the Synapse SDK lands on two independent storage providers. The first provider stores the data, while the second provider pulls directly from the first, without utilizing extra bandwidth. Each copy generates its own onchain proof. If one provider fails, the system replaces it automatically.

The Synapse SDK uses viem instead of Ethers, improving TypeScript support and speed. Uploads are mirrored across providers automatically, without affecting performance. Production-grade storage providers have been onboarded, tested, and approved for mainnet. They must meet specific performance criteria, including a storage success rate of 95%+, a PDP fault rate below 1%, and a retrieval success rate above 95%. If a provider fails to meet these thresholds, they are removed from the network.

The Proof of Data Possession (PDP) explorer is available and lets anyone check proof status, provider performance, and fault history. Despite the positive news, Filecoin’s native token, FIL, has seen a steep slide in price. It is currently trading at $0.83, which is close to its all-time low of $0.81 recorded last month. FIL dropped 4% in the last 24 hours, 8% in the last week, and 22.2% in the 30 days. CoinGecko data shows that FIL has lost 99.6% of its value from its all-time high of $236.84 in April 2021.

FIL maintains its position among the top 100 cryptocurrencies. The decentralized storage coin ranks 83rd in terms of market capitalization, with a market cap of $638,926,958 million. Filecoin is facing a decline in terms of total value locked (TVL) as well. DeFiLlama data shows that Filecoin’s TVL slumped by 9.88% in the past 24 hours. It’s currently standing at $6.31 million.

The decline in FIL’s price and TVL suggests that the market is not responding positively to the Onchain Cloud launch. The fees collected by the network are only $1,950 in 24 hours. Filecoin struggles to remain profitable. The amount of stablecoins circulating on the Filecoin network is very low at around $153,629. The full supply of stablecoins is in the form of USDFC.