Filecoin Closes at $1.15 as DeFi Volume Reaches $746,059

Filecoin (FIL) closed at $1.15 on Oct. 16, one cent below its Oct. 15 close. Filecoin's decentralized-exchange (DEX) volume was $746,059 over 24 hours on Oct. 16 as the Solstice upgrade approached.

Filecoin's decentralized finance (DeFi) total value locked (TVL) was $3.17 million, up 3.23% over 24 hours. DEX volume tracks trades on decentralized exchanges, while TVL measures capital held in DeFi applications. Neither figure directly measures paid storage deals or demand for Filecoin's storage services.

The network's tokenomics changes provide context for the upcoming upgrade. The end of vesting for allocations set at Filecoin's 2020 launch is projected to reduce daily additions to circulating FIL by about 75%. That is a model-based estimate, not a measured post-vesting result. The projection concerns vesting-related supply, not a cut to block rewards. The vesting and reward-distribution changes are separate parts of Filecoin's tokenomics update.

Solstice, the network's version 29 upgrade, is scheduled for Monday, Oct. 19, at 8:59:30 a.m. ET (12:59:30 UTC). It will increasingly allocate block rewards to services that bring paying customers onto the network. Any portion of that service allocation that is not earned will be burned.