Filecoin Virtual Machine (FVM) has reached a significant milestone, marking its 100th day since its inception. During this period, FVM has witnessed the adoption of various decentralized applications such as Waterlily, Kraken, Bacalhau, and Glif, highlighting its versatility and potential.
FVM serves as an execution environment for smart contracts, providing developers with the ability to write and deploy custom code on the Filecoin blockchain. This breakthrough empowers them to connect, enhance, and innovate within the Filecoin ecosystem, specifically in the areas of scalable storage, retrieval, and computation of content-addressed data.
As part of Filecoin's broader roadmap, which aims to democratize centralized cloud services, FVM has played a pivotal role in advancing the largest open-access cloud network. Over the past 100 days, a vibrant ecosystem of developers, storage providers, storage clients, and network participants have contributed to significant achievements:
Statistics:
- DeFi services on the Filecoin network have experienced remarkable growth, with a 140% increase in Total Value Locked MoM, now reaching almost 4.5 million FIL across providers.
- Integration with numerous bridges, including Axelar, Celer, and over 35 others, enabling seamless message and transaction exchanges between Filecoin and other web3 ecosystems.
- Deployment of 1,210 unique smart contracts powering dApps on the Filecoin network.
- Over 91,000 wallets created, with a total balance surpassing 2.83 million FIL across FVM accounts and contracts.
- Trust in smart contracts has led users to manage over 1.7 million FIL.
Since the introduction of FVM, the onboarding and management of datasets onto the world's largest decentralized cloud storage network have become fully autonomous. This streamlines the process for thousands of storage clients seeking the most suitable provider for their specific requirements.
FVM's compatibility with the Ethereum Virtual Machine (EVM) has been instrumental in facilitating the rapid deployment of solutions on the Filecoin blockchain for developers transitioning from Ethereum. Additionally, FVM enables the Filecoin community to build discovery and reputation services, enhancing network transparency. Notably, several Filecoin block explorers now incorporate data directly from the blockchain, offering informed decision-making and fostering trust and transparency, especially in the verification of smart contracts.
Looking to the Future:
- Focus on enhancing the user experience and ensuring the simplicity of FVM, optimizing onramps for builders.
- Enabling smaller storage deals, allowing the development of dApps and DAOs based on individual user-uploaded data.
- Leveraging Long-Long Models (LLMs) as central components of open-source generative AI models built as dataDAOs on top of FVM.
- Introduction of a decentralized aggregation standard, empowering anyone to create "data dropboxes" for FVM, promoting greater accessibility and utilization of the platform.
As Filecoin Virtual Machine continues its journey beyond the 100-day mark, its impact on the open-data economy and decentralized compute is set to grow, promising a future marked by innovation, accessibility, and widespread adoption.
