The Most Anticipated Token is Gearing Up for its Launch This Week
In anticipation of the mainnet launch, Filecoin, which aims to be a decentralized storage network, has entered its lift-off week.
First released in mid-2014, the community is eagerly awaiting the Filecoin launch. In August 2017, the project had raised over $200 million within 30 minutes during the last bull run. And now, as the crypto market gears up for yet another one, Filecoin is ready for yet another big step.
Barry Silbert, the founder and CEO of Digital Currency Group, the parent company of Grayscale, Genesis, and others, is already excited as he wrote, “Who else is excited about the launch of Filecoin next week?”
Given that it has already been more than six years for this project to be in the market, it is past time that it leaves its testnet phase, and its mainnet is launched.
“The hottest upcoming token is Filecoin–joining Polkadot, @avalancheavax, etc. as one of the most anticipated of the year,” as noted FTX CEO Sam Bankman-Fried.
While it is clear that FIL is “very hot right now,” he did clear it up that one shouldn’t necessarily buy it as there is no knowing if it will go up or down in the future.
Stay away from @Filecoin. Recent sudden ***HUGE*** surge in Chinese OTC demand. Indicative of probable Ponzi games being played. Now SBF tweets. We highly recommend staying away from this. We speculate it's not worth taking the risk. https://t.co/tpsnUb0OhG
— Autism Capital 🧩 (@AutismCapital) October 11, 2020
Cryptocurrency exchange OKEx has already announced that it will open deposit and withdrawal services right after the project's launch on Oct. 15, 2020. The exchange will also rebalance its FILUSD index and make changes to its perpetual swap contract's trading rules.
According to Colin Wu of Chinese crypto media publication, another Asian exchange, Huobi’s Pool Mining Machine Mall, will be launching a Filecoin mining machine.
Amidst this anticipation launch, Wu also shared that while supported by Chinese investors and miners, “its main distributed content storage will be greatly restricted by the Chinese government’s content supervision, and may even be stopped by the Chinese government.”
Moreover, if any politically related information is discovered to be stored on it, Filecoin will also be “severely punished.” Because miners derive the income from it, the risk of the content violations will also fall on them.