1010210102 Tokens
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FIL

Filecoin · Decentralized storage/cloud

43 /100
T5Impaired · #56 of 77
Money routeCould move down ↓low likelihoodReviewed Oct 23, 2026

Capped at T5: fading security. Filecoin raw byte power is 1.27 EiB, down 54% from 2.76 EiB in Nov 2025 (so at least 54% off its 3y peak); QAP fell 46% to 11.6 EiB, declining in every two-week sample.

DemandSoundnessDurability
18 of 4517 of 408 of 15

Key facts

SupplyFloat 43% of issued supply
  • Circulating 838.5M, 43%
  • Locked or unvested 1.12B, 57%
  • No cap: supply can keep growing, see Supply discipline
FDV / market cap
2.3x
$1.9B / $798.3M
Market cap
$798.3M
Price $0.952, 7d −16.9%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Filecoin's engine is the money route, and a thin one: $26.5M of FIL sits in GLIF, a third-party pool lending to storage providers, about 3.2% of market cap, while base-fee and penalty burns are real plumbing on small revenue. Supply tightened when Protocol Labs and Foundation vesting ended Oct 15, 2026: issuance is now block rewards only, ~22M FIL a year (~2% of issued) on a 6-year half-life under the 2B cap. Protocol Labs, the Foundation and the accredited 2017 SAFT sale still account for ~60% of FIL issued so far. The engine rests on one lending pool, so a shrinking GLIF would leave nothing carrying it.

How value reaches holders

Base-fee + penalty burns and collateral locks are real plumbing; since Protocol Labs and Filecoin Foundation vesting ended Oct 15, 2026, gross issuance is block rewards only (~22M FIL/yr, ~2% of supply, down from ~88M/yr). Solstice (FIP-0118, nv29, Oct 19, 2026) routes a growing share of block rewards to services with onchain paid volume and burns the unearned part

Score anatomy

Demand

18 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
4

Plumbing at 50%+, or 100% via contract but governance-revocable

How this is scored

Revenue reality engine input
1

$0.5-5M/yr, or undisclosed

How this is scored

Monetary usage engine input
2

$26.5M of FIL deposited in GLIF, a third-party pool lending FIL to storage providers (DefiLlama, Oct 23, 2026), 3.2% of market cap; FIL also pays gas.

Measurable niche monetary use: payment rails, savings products, or collateral at third-party venues below the next levelmedium confidenceHow this is scored

Adoption ×3
2

Filecoin fees $2.0M TTM (-41%) and paid storage demand is small; largest decentralized storage network by capacity but niche next to cloud

Niche: real but small use, far behind its category leadersmedium confidenceHow this is scored

Two routes, the stronger counts

0123450.52cash flowmoney
Revenue 1, minus 0.5 for routing 4 = cash flow 0.5. Money use 2. The engine is the stronger route: 2.

Soundness

17 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
4

Block rewards only since vesting ended Oct 15, 2026: ~22M FIL/yr (~2% of issued) on a 6-year half-life under the 2B cap; changes need a FIP network upgrade.

Under 1%/yr net without a hard cap, a hard cap with halvings issuing 1-3%/yr, or zero issuance where binding on-chain token governance could vote to mint moremedium confidenceHow this is scored

Float and unlocks ×1
3

Protocol Labs and Foundation vesting ended Oct 15, 2026, but the 300M mining reserve and foundation balances have no release schedule.

0.5-1.5% per month, or large foundation or treasury holdings without a schedulemedium confidenceHow this is scored

Distribution ×2
0

Protocol Labs 15%, Filecoin Foundation 5%, 2017 SAFT sale 10% (accredited only, presale discounts): 600M FIL, ~60% of the ~1B issued so far (vested plus mined); open storage mining is the rest

Insiders received over 50%, or one organization directs over 30% todaymedium confidenceHow this is scored

Decentralization and security ×2
1

Stalling F3 finality needs a third of storage power: committed hardware plus pledge at ~$1 FIL is estimated at $10-100M; Lotus, Forest and Venus implementations; no chain halt found since Oct 2024

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowlow confidenceHow this is scored

Durability

8 / 15

Is it big, proven and reachable by institutions?

Scale ×1
3

$825.6M market cap (band 3), $163.2M/day median volume (band 4), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1
3

Mainnet Oct 15, 2020 (6.0 years); fell over 99% from $237 (Apr 2021); no coordinated mainnet halt found in the last 5 years.

5-8 years and survived an 80%+ drawdownlow confidenceHow this is scored

Institutional access ×1
2

Grayscale Filecoin Trust (OTC) and Valour Filecoin ETP; no US spot ETF trading.

OTC trust, non-US product, or a pending US filingmedium confidenceHow this is scored

What would move it up

Capped at T5: fading security. Filecoin raw byte power is 1.27 EiB, down 54% from 2.76 EiB in Nov 2025 (so at least 54% off its 3y peak); QAP fell 46% to 11.6 EiB, declining in every two-week sample. The cap lifts only if the condition reverses; the gates below apply after that.

To reach T4 Speculative, every gate is met.

  • Supply 4gate 1(met)

Tier outlook

Could move down ↓low likelihood

  • Usage falls to 1, and the engine with it, if FIL lent through GLIF and other third-party pools shrinks to a token amount
  • Revenue rises a band if Filecoin Pay, Onchain Cloud and Fil One paid storage pass $5M/yr of realized fees
  • Solstice (FIP-0118) service share: how much of block rewards paid volume earns versus how much is burned
  • Distribution stays at 0 while Protocol Labs, the Foundation and SAFT buyers hold over half of all FIL ever issued

Compare with

How the ranking works and how FIL compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=FIL