Solana Makes Block History Accessible to Third-Party Apps
The world-renowned proof-of-stake blockchain technology Solana recently announced a groundbreaking integration with Filecoin, a decentralized file-saving blockchain-based system. This partnership aims to revolutionize data accessibility within Solana’s ecosystem, particularly concerning its block history.
By leveraging Filecoin’s robust capabilities, Solana seeks to enhance redundancy and scalability for a significant portion of its dataset, thus fortifying the reliability and resilience of its blockchain infrastructure. Filecoin was launched in 2020 to increase the availability level of specific data in its blockchain. The Filecoin project raised $205 million in an Initial Coin Offering (ICO) in 2017.
This strategic collaboration between the two Layer 1 blockchains underscores a fundamental shift from traditional, centralized storage solutions, marking a notable milestone in Solana’s journey towards decentralization and scalability. Notably, the integration will empower third-party applications, including infrastructure providers, explorers, indexers, and others reliant on historical data access, to enjoy improved discoverability and retrieval capabilities.
Filecoin stated on its official X account that the collaboration showcases the power of blockchain networks to create more robust and resilient ecosystems for the benefit of users and developers.
The integration process was facilitated through a collaborative effort between Triton One, a leading Solana Remote Procedure Call (RPC) provider, and Dcent, a prominent Web3 file storage provider. Their joint initiative underscores a shared commitment to democratizing access to the blockchain while embracing the principles of decentralization.
Moreover, this integration aligns with Solana’s broader initiative, Old Faithful, which aims to reduce dependency on centralized storage services like Bigtable. Through Project Yellowstone, an ambitious endeavor to overhaul Solana’s RPC stack, initiatives like Old Faithful is poised to transform the blockchain landscape, promoting greater decentralization and accessibility.
Anatoly Yakovenko, the esteemed co-founder of Solana Labs, expressed his enthusiasm for this pivotal development, lauding Filecoin’s innovative decentralized archive layer. This collaboration marks a significant milestone in Solana’s evolution, symbolizing its commitment to fostering a more inclusive and decentralized blockchain ecosystem.
Filecoin Rockets After Integration
The decentralized file storage network was reportedly up 17% in three days after the announcement of the blockchain’s integration. Filecoin announced the news on February 16, revealing it would host Solana’s block history.
The native token of Filecoin, FIL, was up 28% in seven days, ranking 11th among the top 100 crypto assets. CoinGecko’s data shows that in the last 24 hours, FIL has a bullish momentum at 11%. However, the token remains down 13% from its early-January local high.
Solana’s Bullish Momentum
Solana had a meteoric run during the past few months, with its SOL token surging 470% since the end of September. The bullish momentum briefly pushed the top 10 blockchain to overtake the world’s second most popular crypto asset, Ethereum, regarding daily active users, DEX volume, and NFT sales.
Still, SOL is one of the most dominant forces in the crypto industry, with an impressive 6.7% bullish momentum over seven days. It is the fifth-largest cryptocurrency with a $50.2 Billion market cap, having fallen behind BNB Chain after momentarily flipping BNB last week.
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