Will Filecoin help with Solana’s data accessibility issues?

  • Solana would use Filecoin to make its block history more accessible to users.
  • SOL dropped 3.55% in the last 24 hours.

In a bid to improve the security and accessibility of its blockchain data, Solana [SOL], a smart contracts network, forged an important partnership with decentralized storage network Filecoin [FIL].

Solana integrates Filecoin

The integration marked a significant move away from centralized storage solutions and a growing preference for blockchain-based storage mediums.

Providing further details about the partnership, Filecoin said,

“Solana is utilizing Filecoin to make its block history more accessible and usable for infrastructure providers, explorers, indexers, and anyone needing historical access.”

Solana co-founder Anatoly Yakovenko reacted enthusiastically to the development and thanked the stakeholders for their contribution to getting the integration done.

As opposed to relying on a single server under a centralized entity’s control, data on decentralized storage solutions is saved on various nodes in a network.

The significance of the integration

Solana, as we know, processes a large number of transactions each day, and the blockchain size has been growing rapidly over the past few years.

An X (formerly Twitter) user, Mikko Ohtamaa, pegged Solana’s entire blockchain history to be a whopping 200 Terabytes (TB). Note that AMBCrypto couldn’t independently verify this data.

SOL retraces in a bull rally

While the deal excited Web3 proponents and founders, the same couldn’t be said about Solana’s native token, SOL. The fifth-largest cryptocurrency dropped 3.55% in the last 24 hours, data from CoinMarketCap showed.

How much are 1,10,100 SOLs worth today?

SOL hit its yearly high of $116 on the 15th of February, fueled by a general bullish feeling in the market as well as some moves specific to Solana’s ecosystem.

However, the ascent was halted, as impatient traders decided to profit-take, pulling SOL down to $108.

Despite seemingly positive sentiment, Futures market traders opened more bearish positions for SOL, AMBCrypto’s analysis of Coinglass data revealed.

Solana's Longs/Shorts Ratio

Source: Coinglass

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