In a few hours of going live, the FIL Futures contracts processed around $150 million in total trading volumes. With massive listing gains, FIL became the fastest token to hit $1 billion in valuations.

Filecoin, one of the most popular ICO’s of 2017 finally goes live on Thursday, October 13. Three years ago, the decentralized file-sharing platform raised a whopping $200 million through its ICO.

The Filecoin network allows users to buy and sell the unused storage space using its native cryptocurrency FIL. So far, nearly 400 global miners have onboarded over 325 pebibytes (PiB) of storage capacity on the Filecoin network. Instead of renting space in a data center like other cloud platforms, Filecoin adopts a decentralized approach. It allows users to encrypt their files and host tiny pieces across the global network of computers.

Developed by Protocol Labs, Filecoin aims to be decentralized file storage as well as a content distribution platform. The Filecoin mainnet launch saw the FIL token price jumping a whopping over 100% in hours. In fact, it registered the record of being the fastest token to hit a $1 billion market cap.

At press time, Filecoin (FIL) is trading at a price of $63.75 with a 130% premium since launch. Soon after the trading started some of the top cryptocurrency exchanges like Binance and Gemini announced the listing of FIL. In the initial hours, FIL price was fluctuating across different platforms, however, things seem sorted as of now. The circulating supply for FIL is likely to be smaller than the 200 million tokens sold during the ICO.

Filecoin (FIL) Listing and Futures Trading after Going Live

Soon hours after the listing, the FIL futures contracts processed around $150 million in trading volume. FTX CEO Sam Bankman-Fried tweeted:

“$FIL has traded about $150m so far. Roughly 60% of the volume has been on FTX! Started around $30, went up to $80 on FTX and $200 on other exchanges, how around $40-$80 on various exchanges”.

On the other hand, CoinList claims at the first market to list the FIL tokens on CoinList Pro. Speaking to CoinDesk, CoinList’s Scott Keto said:

“This was one of the most anticipated launches or token sales in 2017, it took them a long time to go live, I think that’s partly because they took their responsibility really seriously. It’s finally here and it’s one of the few, in my personal opinion, one of the very clear use cases for blockchain.”

Early investors of Filecoins and true fans can also check some of its block explorers like Filefox and Filescan. Some of the new DApps on Filecoin are Slate and Textile. With a massive market response, it will be interesting to see the Filecoin ecosystem expanding over the next few months.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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