Filecoin [FIL] proposes new upgrade to fix glitches: Will FIL get back on track

Despite a major glitch, the development activity on the network declined over the past week.
The number of unique contracts deployed on the recently launched FVM reached 716.

Filecoin [FIL] has been on a losing streak over the past week, dropping as much as 17% at press time, as per CoinMarketCap. The primary reason behind the decline could be the technical glitches plaguing the decentralized storage network.

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

The most recent issue appears to be a delay in block production according to a discussion on the Github platform. The Filecoin development team stated that this has resulted in a loss of revenue for storage providers (SPs) and reduced chain quality.

However, there was some good news as the team proposed a network upgrade which could fix the ongoing disruption.

Network upgrade to come shortly?

Filecoin’s lotus team suggested to advance the upcoming nv19 upgrade from 11 May to 27 April in order to address the current issue in block production.

The team was of the view that longer block sync times were a major contributing factor to the problem and FIP0060, which was a part of nv19, could significantly reduce block sync times.

The core developers proposed to remove the activation bug fix from nv19 and postpone it to a later date. By removing the vast majority of migration work, the upgrade risk could be reduced.

However, despite a major glitch, the development activity on the network declined over the past week. A drop in this parameter signaled that the effort required to clean up the network of disruptions was not up to the mark.

Source: Santiment

A look at network stats

Apart from the aforementioned update, the Filecoin ecosystem shared stats of some of its key performance indicators (KPIs). The number of unique contracts deployed on the recently launched Filecoin Virtual Machine (FVM) reached 716.

Moreover, there was a substantial growth in new storage deals as the number of storage provider systems went past 3,600.

On the derivatives front

The drop in prices of FIL eroded traders’ confidence as the number of trading positions opened steadily declined. As per Coinglass, FIL’s Open Interest was $137.49 million at press time, a 23% retracement from the last week.

Source: Coinglass

Furthermore, the number of long liquidations exceeded the number of short liquidations over the last two days, indicating that money was flowing out of the market.

Source: https://ambcrypto.com/filecoin-fil-proposes-new-upgrade-to-fix-glitches-will-fil-get-back-on-track/