Filecoin’s NV22 Dragon Upgrade Revolutionizes Data Onboarding

• Filecoin’s Nv22 Dragon Upgrade introduces groundbreaking enhancements, including direct data onboarding, which streamlines the process for storage providers.
• The upgrade also brings faster block times and enhanced security measures, highlighting Filecoin’s commitment to affordability for storage providers.

Filecoin, a leading decentralized storage network, has announced the launch of its highly anticipated Nv22 Dragon Upgrade, marking a significant milestone for the ecosystem. This upgrade introduces several groundbreaking enhancements, with direct data onboarding standing out as a game-changer for storage providers.

Direct data onboarding streamlines the process of adding data to the network, resulting in substantial cost savings for storage providers. By simplifying the core protocol, this feature not only reduces operational expenses but also expands the possibilities for storage markets built on Filecoin’s Virtual Machine (FVM).

The Nv22 Dragon Upgrade is here!

The upgrade brings major improvements to the Filecoin ecosystem, most notably through direct data onboarding, which significantly reduces storage providers' costs when adding data to the network.@momack28, Eng + Research WG Lead at… pic.twitter.com/pJXox7mIkE

— Filecoin Foundation (@FilFoundation) April 25, 2024

Among the notable enhancements introduced in the Nv22 Dragon Upgrade are faster block times achieved by transitioning to the new Drand mainnet network. This optimization reduces block time from 30 seconds to a remarkable 3 seconds, enhancing network efficiency and responsiveness.

Furthermore, the upgrade includes the removal of automatic deal settlement in cron, enhancing security measures, along with the addition of numerous events to enable the programming of more FVM smart contracts.

In the broader context, the Dragon upgrade underscores Filecoin’s commitment to fostering affordability for storage providers while creating new opportunities for developers and builders within the ecosystem. The Filecoin community eagerly anticipates leveraging the enhanced capabilities offered by the Nv22 Dragon Upgrade, paving the way for innovative applications and advancements in decentralized storage technology.

Filecoin’s Key Partnerships and Liquid Staking

Earlier this year in February 2024, Filecoin announced its integration with the Solana blockchain network. Filecoin highlighted the significance of leveraging its decentralized storage capabilities, emphasizing that Solana stands to benefit from enhanced data redundancy, scalability, and security while upholding its decentralized principles.

The integration of Filecoin’s technology enables Solana to optimize its block history, making it more accessible and usable for various stakeholders such as infrastructure providers, explorers, indexers, and others requiring historical data access.

In a similar development, Swan Chain introduces an EVM-compatible Layer 2 network, melding Filecoin’s decentralized storage solution with artificial intelligence and zero-knowledge marketplaces. This innovative fusion will revolutionize AI and Web3 by offering enhanced capabilities and efficiency within decentralized ecosystems, reported Crypto News Flash.

On the other hand, Filecoin’s DeFi ecosystem has also been booming since again in 2024. Nearly a year following the inception of Ethereum-inspired smart contracts, liquid staking protocols are experiencing significant growth on Filecoin, a blockchain renowned for its data storage capabilities.

From the start of the year until now, the total value of cryptocurrency locked in Filecoin’s twelve liquid staking protocols has surged from $272 million to over $450 million, indicative of a burgeoning trend among users increasingly acquainted with Filecoin and its emerging decentralized finance (DeFi) ecosystem. This surge underscores the growing adoption and maturation of Filecoin’s DeFi offerings, signaling promising developments for the platform’s future.

Filecoins native cryptocurrency FIL had a good run-up earlier this year all the way to $10. As of press time, Filecoin (FIL) is trading at $5.97 with a market cap of $3.245 billion.