Filecoin is on an absolute tear this year, pushing past the $11 level and setting a solid bullish sentiment for the rest of 2024. The decentralized data storage marketplace is gaining prominence in the Web3 sector due to its compatibility with the AI market, which will need storage solutions for its vast data to train its AI models.
With Filecoin ($FIL) on the move, Filecoin-based projects in its ecosystem are starting to gain traction. In particular, the newly emerging Filecoin-based borrowing and lending platform, FILLiquid, is seeing impressive numbers in its incentivized airdrop.
With just three days to go, traders are scrambling to participate in its free testnet to ensure they receive their $FIG token airdrop distribution when the protocol goes live in the coming weeks.
What you'll learn 👉
$FIL Up By An Impressive 150% In 2024 As AI Narrative Continues Momentum
Filecoin ($FIL) is up by an impressive 150% from low to high in 2024 as the AI narrative continues to drive momentum for the decentralized data storage infrastructure.
The magnificent surge allowed Filecoin to set fresh 22-month highs above $11.00 but has since retraced slightly. 
The AirBnb of data storage is seeing a massive uptick due to its relationship with the future of AI development. As AI companies utilize huge datasets to train their AI models, the current centralized storage solutions present unique challenges, such as high costs and regulatory intervention.
Filecoin’s decentralized data storage system circumvents both problems for AI companies as its infrastructure is entirely permissionless and highly cost-effective. As a result, the narrative that AI companies will start using Filecoin continues to gain traction, pushing the price higher.
Furthermore, a string of partnerships has helped Filecoin’s price in recent weeks. For example, BVMnetwork – a Bitcoin Virtual Machine project – announced a collaboration with Filecoin as a storage layer via LighthouseWeb3;
🌐 @filecoin is now available on @BVMnetwork as a storage layer via @LighthouseWeb3!
— Bitcoin Virtual Machine (@BVMnetwork) March 8, 2024
This is a massive upgrade for the #Bitcoin L2s powered by BVM & Filecoin with heightened security and scalability 🔥
By leveraging Filecoin’s decentralized storage capabilities, BVM has the… pic.twitter.com/N0k8ZnOrmm
The $FIL token was recently added to Binance, and Solana also integrated Filecoin to make its block history accessible to third-party apps.
What Filecoin-Based Projects Are Also Gaining Traction?
As Filecoin starts to rise, traders are beginning to focus on newly emerging Filecoin-based projects that have the potential to provide immense returns for smaller investment sums.
In particular, the free incentivized testnet from FILLiquid is gaining traction as traders use their DeFi experience to participate and become eligible to receive its free $FIG airdrop distribution.
With just three days, the opportunity to position for a free airdrop is quickly running out.
FILLiquid Sees Impressive Testnet Figures As Traders Hurry for Free Airdrop Token Distribution
FILLiquid is seeing strong testnet figures as traders continue to pile into participating for their free airdrop token distributions.
Over 4,200 people have currently participated in testing the protocol, all of whom will receive a $FIG airdrop once it hits the mainnet.
The community supporting FILLiquid is growing, with over 20,000 active Twitter followers and 3,500 in its Telegram group.
The project is gaining significant traction because it helps to solve Filecoin’s Storage Provider dilemma by deepening $FIL liquidity access.
Storage Providers are required to pledge $FIL to the protocol anytime they want to offer new storage services on the network. While this helps keep the Storage Providers honest, it also inundates them with additional financial burdens.
This is where FILLiquid changes things.
The decentralized $FIL liquidity pool allows Storage Providers to borrow $FIL without depositing crypto or fiat collateral. Instead, they can secure loans using the $FIL pledged in their nodes, significantly reducing their financial burden for expansion.
With just three days, this is your final opportunity to receive a free airdrop in Filecoin’s latest sensational project.
How to Participate?
Participation in the testnet is entirely free as it runs on the Filecoin Calibration testnet network.
Users simply need to connect their wallet to the testnet and load it with free testnet tokens ($tFIL) from the faucet. Then, there are three products to trial – with the majority of users utilizing the Lending and Farming products.
On the lending side, users deposit their $tFIL into the lending protocol. In return, they receive $FIT—a liquid staking derivative token—which serves as a vehicle for dividend allocation and can be used in farming products.
For the Farming side, users deposit $FIT into the farming protocol to farm the testnet $FIG – the governance token.
Everybody who completes the Farming testing will be eligible to earn the airdrop.
That’s all there is to it.
FILLiquid has made its testnet remarkably straightforward so everybody can participate and earn their free token airdrop once the protocol hits the mainnet.
Take a look at the testnet overview to read the guides surrounding the testing procedure, or follow the project on Telegram for more information.
Remember, there are just three days to go before the first phase of the testnet closes. The team will take a snapshot of the testnet blockchain on March 18th at 10:00 AM (GMT +8). Everybody testing until this moment will be rewarded with the free $FIG airdrop.
Visit FILLiquid Testnet Today.
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