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Decentralized Storage Network Filecoin Finally Launches its Mainnet After Several Delays

The decentralized storage network Filecoin has finally launched its long-awaited mainnet. The mainnet launch of the Filecoin Network has occurred at block 148,888 on the 15th of October, 2020. The Filecoin project was initiated three years ago when an amount of over $200 million in an Initial Coin Offering (ICO) was raised in the year 2017. After that, the launch of the Filecoin mainnet was delayed due to some reasons. But now, after several delays, it has finally been rolled out.

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The FIL token goes live

As the Filecoin Network’s mainnet has been launched successfully, its FIL token also goes live and the distribution of tokens has started. The total supply of the FIL token stands at $2 billion. However, only a small portion of this supply is in the circulation phase at the moment. According to the data from CoinMarketCap, the circulating supply of the coin is standing at 14,638,433 FIL at the press time. While on the other hand, the market capitalization of the coin is $771,817,625 USD.

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Since the mainnet launch, the price value of FIL is trading extremely bullish. At the time of writing, the price value of one FIL token is trading up by over 75 percent in 24 hours while standing at around $52.73.

Created by Protocol Labs, the decentralized storage network Filecoin lets users purchase or sell unused storage through Filecoin (FIL) the native digital token of the network. Though the Filecoin project saw several delays after it was initiated, it still has been able to grab the attention of the cryptocurrency community. Especially, it gained attention in China.

Major cryptocurrency exchanges announce the listing of FIL

Before the Filecoin Network’s mainnet launch, some major digital currency exchanges announced the listing of the FIL token. One of them is the Winkelvoss brothers’ crypto exchange Gemini which announced the trading as well as custodial support for FIL on October 15.

The San Francisco-based cryptocurrency exchange Kraken has also announced to add trading support for the Filecoin network’s native token. Kraken has added four trading pairs for the coin including FIL/BTC, FIL/ETH, FIL/USD, and FIL/EUR.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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