What are the cost, circulation and price of FIL? Fundraising data is released for the first time

Author: Real Blockchain

• The number of participants in the private placement phase was 143, with an average holding of 638,000 FIL per person and an average cost of $0.57 for FIL;

• The number of participants in the public offering phase was 2,318, with an average holding of 25,700 FIL per person and an average FIL cost of $2.58;

• On the first day of launch, the circulation of FIL was 422,000, and after deducting the official portion, it was 239,000;

• On the 10th day after launch, the circulation of FIL was 4.08 million, and after deducting the official portion, it was 2.255 million;

• On the 30th day after launch, the circulation of FIL was 12.49 million, and after deducting the official portion, it was 7.014 million.

Filecoin Network Overview

The Filecoin mainnet will be based on the "Space Race" test network and will be officially launched on October 15. At that time, the miner accounts will be cleared, and the computing power of the competition network will be directly used as the computing power of the mainnet to compete for blocks.

As of 6 a.m. on October 7, the test network has been running for 43 days, with a total network computing power of 456.75 PiB, and the network computing power is increasing at a rate of 10.6 PiB per day.

Since the test network computing power can be directly loaded into the main network, all miners are working at full capacity under this incentive, so 10.6 PiB/day will also be the computing power growth rate when the Filecoin main network is launched.

Based on the computing power growth rate of 10.6PiB/day, the total network computing power will reach 549 PiB when the mainnet is launched (on the evening of October 15), and the mainnet will reach a computing power scale of 1 EiB on the 42nd day after the launch.

FIL Cost

Filecoin's early fundraising was divided into two stages: private sale (Advisor Sale) and public sale (Public Sale). A total of $205.8 million was raised, 150 million FILs were sold, and more than 2,100 investors (deduplicated) participated. The average token holding per person was 71,800 FILs, and the average cost of FIL was $1.36. Among them,

• 91.228 million FIL were sold in the private placement phase, with 143 participants, an average holding of 638,000 FIL per person, and an average cost of $0.57 for FIL;

• During the public offering, 59.634 million FIL were sold, with 2,318 participants, an average holding of 25,700 FIL per person, and an average cost of $2.58.

• 55.556 million FIL were sold in the public offering within 1 hour, with 1,359 participants, an average holding of 40,900 FIL per person, and an average cost of $2.43 for FIL;

• 4.078 million FIL will be sold during the remaining time of the public offering, with 816 participants, an average holding of 5,000 FIL per person, and an average cost of FIL of $4.61.

In addition, from the perspective of the number of transactions, the total number of transactions exceeded 3,000, the average transaction size was $67,000/transaction, and the average single transaction FIL purchase volume was 49,000 FIL/transaction.

• In the private placement stage, there were 210 transactions, with an average FIL purchase of 430,000 FIL/transaction;

• During the public offering phase, there were 2,857 transactions, with an average FIL purchase amount of 20,900 FIL/transaction.

• Within 1 hour of the public offering, there were 1,690 transactions, with an average FIL purchase volume of 33,000 FIL/transaction;

• During the remaining time of the public offering, there are 1,167 transactions, with an average FIL purchase amount of 3,500 FIL/transaction.

FIL circulation after the mainnet launch

1. FIL Initial Allocation

The total amount of FIL is 2 billion, which is distributed among the government, early investors, and miners. The basic situation is as follows:

• 10% Investors: 7.5% sold in 2017 + 2.5% retained;

• 20% official: 15% Protocol Labs + 5% Filecoin Foundation;

• 70% miners: 55% storage miners mining + 15% retention.

2. FIL unlocking, release and circulation

After Filecoin goes online, the unlocking/release of FIL tokens mainly comes from investors, officials, and miners. Unlocked/released FIL can, but will not necessarily, enter the secondary market for circulation immediately. It may be held for a long time and used for mortgage mining. Therefore, the mining mortgage mechanism will also affect the circulation of FIL.

1) Early investors: 351,000 FIL unlocked every day

There are different release cycles and discounts for FIL private and public offerings. Investors can get corresponding discounts by choosing different release cycles. Release cycles include 6 months, 1 year, 2 years, and 3 years. The 2017 FIL fundraising data is as follows:

• 3-year release cycle, a total of 71.582 million FIL

• 2-year release cycle, a total of 10.402 million FIL

• 1 year release cycle, a total of 38.694 million FIL

• 6-month release cycle, a total of 30.184 million FIL

By analyzing the amount of FIL sold in different cycles, it can be concluded that the total daily release amount by early investors is 351,000.

2) Official: 182,500 FIL will be unlocked and released every day, and it is promised that it will not be sold in the early stage

The officially unlocked and released FIL includes three parts: Protocol Labs, Protocol Labs team and contributors, and Filecoin Foundation.

The three official parts totaling 400 million FIL (accounting for 20%) will all be released linearly over 6 years, with 182,548 FIL unlocked every day.

However, Filecoin official member why in the Slack forum once informally promised that the official holdings of FIL would not be sold in the early stage.

3) Miners: Unlock 21,000 FIL on the first day, 30,000 FIL on the 10th day, and 50,000 FIL on the 30th day

The ways for miners to unlock coins mainly include space race and mining block rewards. The specific unlocking components are as follows:

• Space Race 1 total reward is 3.66 million FIL, which will be released within 6 months after the mainnet is launched, with 20,000 FIL released every day

• Mining block rewards: linear release every 180 days. According to the current block reward of 173,000 FIL per day, the amount of FIL released on the Nth day after going online is 960*N: 9,600 FIL is released on the 10th day and 28,600 FIL is released on the 30th day.

• The estimated unlocked rewards for Space Race 2 are 20,000, and other small rewards will be released in 6 months, with dozens released every day, which is almost negligible.

Therefore, the miners’ mining block rewards will unlock 21,000 FIL on the first day, 30,000 FIL on the 10th day, and 50,000 FIL on the 30th day.

4) FIL mortgage demand: 135,000 FIL is mortgaged every day across the entire network

Miners package 331,250 sectors every day at a rate of 10.6PiB/day. Based on the current pledge demand of approximately 0.4FIL/sector, the entire network needs to pledge 133,000 FIL every day.

In summary, the early release of FIL is as follows:

• Daily unlock/release rate:

• Daily unlocking amount by early investors, officials and miners: 554,000 + 960FIL*days

• Daily FIL mortgage demand: -133,000/day

• Daily new circulation: 421,000 + 960FIL*days

• Daily new circulation (excluding official): 238,000 + 960FIL*days

• Circulation on the first day:

• The total amount of unlocking by early investors, officials and miners: 555,000

• Mortgage FIL deduction: 133,000

• FIL circulation: 422,000

• FIL circulation (excluding official): 239,000

• Circulation on the 5th day:

• The total amount of unlocking by early investors, officials and miners: 2.702 million

• Cumulative deduction of mortgaged FIL: -664,000

• FIL circulation: 2.038 million

• FIL circulation (excluding official): 1.126 million

• Circulation on the 10th day:

• The total amount of unlocking by early investors, officials and miners: 5.409 million

• Cumulative deduction of mortgaged FIL: -1.328 million

• FIL circulation: 4.08 million

• FIL circulation (excluding official): 2.255 million

• Circulation on the 15th day:

• The total amount of unlocking by early investors, officials and miners: 8.139 million

• Cumulative deduction of mortgaged FIL: -1.992 million

• FIL circulation: 6.147 million

• FIL circulation (excluding official): 3.409 million

• Circulation on the 30th day:

• The total amount of unlocking by early investors, officials and miners: 16.474 million

• Cumulative deduction of mortgaged FIL: -3.983 million

• FIL circulation: 12.49 million

• FIL circulation (excluding official): 7.014 million

Note: Initial stage refers to the period within 30 days after the mainnet is launched, when the network scale has not reached the 1EiB benchmark.

Accurately calculating pledge, mining rewards and release is very complicated. Because it takes into account the short-term situation (within 30 days) after the mainnet is launched, the calculation is based on the current network status.

Data source:

Filox.info Filox browser

https://filecoin.io/blog/sale-completed/

Initial Coin Offerings: Financing Growthwith Cryptocurrency Token Sales, Sabrina T. Howell, Marina Niessner, and David Yermack. Data provided by Protocol Labs (Evan Miyazono and Juan Benet)