Filecoin, a decentralized file storage network, is up 17% in three days after announcing an integration with Solana, the bubbling Layer 1 network.<\/p>\n
Filecoin announced the news on Feb. 16, revealing it would host Solana\u2019s block history moving forward. The move allows Solana-based ecosystem and infrastructure projects to move away from centralized data storage solutions, bolstering Solana\u2019s decentralization.<\/p>\n
\u201cBy leveraging Filecoin’s decentralized storage capabilities, Solana can achieve data redundancy, scalability, and enhanced security while staying true to its decentralized ethos,\u201d Filecoin tweeted. \u201cSolana is utilizing Filecoin to make its block history more accessible and usable for infrastructure providers, explorers, indexers, and anyone needing historical access.\u201d<\/p>\n
\u201cI am really excited to see this launch,\u201d\u00a0said<\/a>\u00a0Anatoly Yakovenko. \u201cHuge thanks to Filecoin for building an awesome decentralized archive layer.\u201d<\/p>\n <\/p>\n The news has propelled bullish momentum for Filecoin\u2019s native FIL token, which is up 11% in 24 hours and 28% over the past week, ranking seventh and 11th among top 100 cryptocurrencies respectively, according to CoinGecko. However, the token remains down 13% from its early-January local high.<\/p>\n The news follows a\u00a0meteoric run<\/a>\u00a0for Solana, with its SOL token surging 470% since the end of September as concerns that FTX, the bankrupt centralized exchange, may move to offload large sums of SOL alleviated.<\/p>\n The bullish momentum briefly pushed Solana to overtake the Ethereum mainnet by several key metrics, with Solana\u2019s\u00a0daily active users<\/a>, DEX volume, and\u00a0NFT sales<\/a>\u00a0surpassing Ethereum in November. USDC on Solana\u00a0ranked<\/a>\u00a0as the most-traded stablecoin in early January, also coinciding with Google search volume for \u201cSolana\u201d surpassing \u201cEthereum.\u201d<\/p>\n However, Solana\u2019s momentum came to an abrupt halt earlier this month when a\u00a0catastrophic outage<\/a>\u00a0caused five hours of downtime and necessitated a network restart. The incident drew renewed criticism concerning Solana\u2019s reliability and centralized architecture, marking the 11th spate of degraded performance in two years for the network.<\/p>\n Still, SOL is up 1.6% in 24 hours and 6.7% over seven days. SOL is the fifth-largest cryptocurrency with a $50.2B, having fallen behind BNB Chain after momentarily flipping BNB last week.<\/p>\n <\/p>\nSolana\u2019s bullish momentum slows<\/h2>\n
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