In a strategic maneuver aimed at fortifying data scalability and accessibility, Filecoin has declared its integration with the Solana blockchain. Meanwhile, It resembles a deviation from the centralized storage solutions that belong to SOL, emphasizing Filecoin’s decentralized data storage marketplace role.
Filecoin to Boost Solana Scalability
By taking advantage of the capabilities of Filecoin’s decentralized storage, It will be able to optimize its accessibility to the block history. On the other hand, this will benefit providers of the infrastructure, explorers, and even indexers. However, the collaboration between Solana and Filecoin ensures data redundancy, scalability, and improved security while leveling up decentralization principles.
Solana’s integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5
— Filecoin (@Filecoin) February 16, 2024
“Solana’s integration with Filecoin is a noteworthy shift from centralized storage solutions and a remarkable step towards improving the reliability and scalability of the SOL blockchain,” Filecoin explained.
Anatoly Yakovenko, Solana co-founder, expressed delight at the collaboration and thanked FIL for constructing “an exceptional decentralized archive layer.”
BaoBao, a network of social media channels on the Solana blockchain, stated that the move “signifies more scalability, security, and accessibility for all.” Therefore, this partnership reflects the resilience and robustness of blockchain ecosystems, delivering reciprocal benefits for users and developers alike.
FIL Price Rises; SOL Declines
After the announcement, the native token FIL surged by more than 5% and it surpassed $6, marking its highest level since the middle of January. Moreover, this has been a positive week for the crypto asset, which has gained approximately 15% in the past week.
Market observers predicted that the current optimistic trend would persist, with technical analyst Ashish Gautam suggesting that FIL could reach $20.
“FIL is preparing for the next significant move. On the other hand, the weekly chart appears massively bullish, and The VR Soldier analysts expect a 200% upside move in the next few days. FIL’s short-term target is $10-$15-$20, meanwhile its long-term target is $50-$150-$200,” Gautam said.
It is really important to mention that FIL encountered substantial challenges after the US Securities and Exchange Commission (SEC) designated it a security in May 2023, which is a categorization rejected by its Foundation. However, Solana’s blockchain native SOL token responded unfavorably to the news. According to The VR Soldier’s data, the digital asset is down 3% over the past day to $109 as of press time. Nonetheless, this declining price does not invalidate that SOL ecosystem has undergone extraordinary growth in recent months.
Information from DeFillama illustrates that the overall value of assets locked on the blockchain is nearing the $2 billion milestone, demonstrating the resurgence SOL has enjoyed lately.
