Filecoin continues its exceptional surge this week as the AI narrative pushes the price of the $FIL token another 35%, allowing it to cross $11 for the first time since August 2022.
The Web3 Airbnb of data storage has been on a tear in Q1 2024 as the AI trend continues to focus on its decentralized storage service capabilities, pushing the coin as much as 99% this month.
With Filecoin taking center stage, Filecoin-based projects in its ecosystem are also generating attention.
In particular, FILLiquid continues to turn heads after announcing the final week of its free airdrop-incentivized testnet, which provides the last opportunity to participate in the testnet and earn a free $FIG token distribution.
What you'll learn 👉
Filecoin Explodes 99% As AI Narrative Pushes The Leading DePIN Project Higher
Filecoin’s price has increased by an impressive 99% over the past 30 days, reaching above $11.00.
The decentralized storage solution has benefited from the increased exposure in the AI sector this year, as investors have realized that AI companies have big data that requires secure storage.
Filecoin provides the perfect solution for AI companies as it allows them to store massive data volumes for rock-bottom prices in a decentralized ecosystem. Furthermore, the permissionless nature of the Filecoin ecosystem means that AI companies wouldn’t need to worry about their AI models being shut down if they face regulatory pressure.
As a result, Filecoin is surging substantially alongside AI tokens as they continue to lead the charge in the 2024 bull run.
Where Are the Next $FIL Targets?
$FIL has been trading inside an ascending price channel since mid-February, allowing it recently meet resistance at $11.50 at the upper angle of the price channel:
Looking ahead, the first resistance moving forward lies at $11.35. This is followed by $12.00, $12.43 (1.272 Fib Extension), $13.27 (1.414 Fib Extension), $14.00, and $14.90 (1.618 Fib Extension).
On the other side, support first lies at $10. This is followed by $9.50 (2022 highs), $9.17 (.382 Fib), $8.51, and $7.50 (.618 Fib).
What Filecoin-based Projects Are Also Gaining Traction?
With Filecoin on the move, it’s unsurprising to see projects in its ecosystem starting to gain attention.
In particular, the newly emerging liquidity pool and borrowing platform – FILLiquid – continues turning heads as traders scramble to participate in its testnet to be eligible for its free upcoming airdrop distribution.
The protocol intends to help push Filecoin’s storage capacity further by helping Storage Providers access $FIL liquidity to expand their storage services, while $FIL holders can earn a passive income.
FILLiquid Announces Final Week of Incentivized Testnet for Free Airdrop
The newly emerging Filecoin ($FIL) lending and borrowing platform FILLiquid is gaining a flurry of attention after announcing the final week of its incentivized testnet.
The project is running a testnet to stress-test its smart contracts in a live environment before pushing the protocol live on the mainnet. For their participation, FILLiquid is rewarding everybody with a free $FIG airdrop.
FILLiquid is a liquidity pool and borrowing platform that lets $FIL holders earn a passive income through lending, and Storage Providers borrow $FIL to expand storage capacity.
It stands apart from competitors in the space as it doesn’t require borrowers to front additional cryptocurrency as collateral. Instead, it allows Filecoin miners to bind their miner addresses to its smart contract to serve as collateral.
The Filecoin miner’s wallet contains all the $FIL pledged to the protocol and the future $FIL income from storage mining, serving as adequate collateral to secure loans and keep lenders safe.
How Do You Participate and Claim Free Token Distribution?
Users must utilize the free testnet products to be eligible to receive the free $FIG airdrop token distribution.
The DeFi suite includes three products to test, all of which provide $FIG rewards once the protocol launches its mainnet.
Before testing FILLiquid’s DeFi products, you must connect your wallet to the Filecoin Calibration network (testnet) and load it with testnet tokens. Follow this step-by-step guide to learn how.
The first product to test is the lending platform, which allows users to stake their $tFIL (testnet $FIL) to the protocol to mint $FIT—a liquid staking derivative—and earn interest. The following guide covers each step extensively.
The second product is the borrowing platform, allowing Filecoin Storage Providers (miners) to bind their wallets to the testnet smart contract and take out $FIL loans.
The third product is the farming protocol, which allows users to stake $FIT tokens to farm $FIG, the protocol’s governance token. This article covers the farming protocol and the steps required to farm $FIG.
Testing any of these three products will make you eligible for the airdrop.
The developers will snapshot the blockchain on March 18th, 2024, at 10:00 AM (GMT +8) to record all addresses eligible for the airdrop.
That means there are just seven days remaining for you to participate in the testing and receive the airdrop.
Furthermore, there’s an ongoing Zealy campaign to boost your rewards and earn a higher $FIG distribution during the airdrop.
Look at the Testnet overview and join the FILLiquid Telegram for more information.
Visit FILLiquid Testnet Today.
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