Filecoin’s recent report reveals the persistent growth of the storage market throughout the third quarter of 2023. Trading activities gained by 45% during the quarter, a remarkable tenfold increase compared to the corresponding period last year.
Simultaneously, the utilization rate of storage space witnessed a significant rise from approximately 8% in the second quarter of 2023 to nearly 13% in the third quarter, due to a 10% decrease in storage capacity compared to the previous quarter.
By the end of the third quarter, almost 1,900 users had stored data on the Filecoin network, among whom 22% users had stored substantial datasets exceeding 1,000 TiB, signifying a notable 25% growth from the previous quarter.
However, the earnings from storage fee agreements, measured in FIL, encountered a substantial decline of 68% (equivalent to a 73% decrease in USD) owing to an overall downturn in demand for decentralized cloud storage space.