Filecoin mainnet launched! Users caught in FOMO mode, Binance price briefly reaching $430.

The 2017 ICO project Filecoin, which lasted for 3 years, finally transitioned to its mainnet at block height 148888 on October 15, Taiwan time. With different listing times on various mainstream exchanges, significant price discrepancies were observed across platforms, and scams involving fake ERC20 versions of FIL also emerged.

ICO Project Worth 257 Million Successfully Launched

Filecoin is a distributed storage network protocol that introduces a token (FIL) incentive mechanism. Users pay miners in Filecoin to store files or data on the network, while miners earn tokens as rewards by fulfilling storage requests from clients. The mining capacity of miners is directly proportional to their active storage capacity, incentivizing miners to provide as much storage space as possible.

With strong support from the Chinese crypto community and miners, the hype around Filecoin has reached its peak with the mainnet launch. In addition to hosting a week-long launch event from October 19th to 23rd, the official team also introduced a mining competition. The top 100 miners in terms of computing power (storage capacity) will share 1.5 million FIL tokens. Out of the current 360 participating miners, 208 are from Asia, indicating strong consensus on Filecoin in China.

Disorderly Opening Price for Filecoin

The fervor surrounding Filecoin is reminiscent of the EOS mainnet launch in 2018. Some exchanges preemptively deployed support for Filecoin before the mainnet launch was announced, including Gemini, Kraken, and Huobi as reported on the 15th. OKEx, Bitfinex, Binance, FTX, and Coinlist also announced their support. Coinbase's custody service has also added support for Filecoin.

Due to the staggered launch times of Filecoin (FIL) on the 15th, price discrepancies among platforms continued to widen. Binance's FIL/USDT trading pair even reached a high of $430, while prices on Huobi also reached $220.

Market Cap Surges into Top Thirty

Fueled by industry focus and FOMO sentiment, Filecoin (FIL) has surged by 120% in the past 24 hours, reaching a price of $64 at the time of writing and ranking 24th in market cap, trailing behind NEM (XEM) and Cosmos (ATOM).

Furthermore, an ERC20 version of the FIL token has already appeared in the market, so investors should be cautious.