Less than a week after the mainnet launch, the Filecoin team saw massive unrest among the community members. Juan Benet, the creator of the blockchain-based data storage platform, finally broke his silence as he announced the Filecoin Liftoff Week. He denied allegations of a miner strike and said,
Further addressing the supposed network problems faced by unhappy miners, Benet revealed that the miners were simply producing blocks at a slower rate due to the fact that the network was no longer subsidizing their pledge and fee costs. He also explained that fees cost real money now, and miners need to match growth rate to token flow.
His tweet read,
“The Mining Community is amazing. There’s thousands of people around the world mining Filecoin. There are some bad groups, who try to cause problems for their gain. And there’s definitely groups who try to take advantage of or abuse mechanisms. — but overall these are a minority. Hopefully this will stay that way.”
The Filecoin team also published a report wherein they clarified about the platform’s workings with an undisclosed partner to offer small loans to miners that needed support.
The entrepreneur also went on to show data claiming that blocks were still being produced on the network with the top miner bringing in $352,000 over the last 24 hours. The top 50 miners reportedly earned $3.7 million in rewards.
TWJ had previously reported that the alleged conflicting economic model led to a dispute over the miners in the Filecoin ecosystem. Julien Bouteloup, the Founder of the DeFi investment firm Stake Capital, also said that it is impossible for the Filecoin miners to economically participate in the ecosystem at the current valuation.
FIL Token’s Price Stablize
Filecoin ‘s governance token, FIL, was making headlines shortly after its meteoric rise following the announcement of various crypto exchanges such as Binance, Kraken, Gemini, among others. But what attracted the initial bad press was a sharp price slump.
However, FIL appears to have stabilized at the current level as the decline halted and the token noted a mild uptick. According to CoinMarketCap, FIL was being traded at $31.98 at the time of writing.