$FIL

The number of genuine users may be far less than you think—and much less than what the project promoters claim.

Here are some hard metrics to help you understand:

📊 Data Breakdown: Where is the hype?

· On-chain Users: The official browser Filscan shows that the total number of FEVM (Virtual Machine) users is 11,317. This is a concrete figure, but it also indicates that the current user base for ecosystem applications is at this level.
· Active Addresses: Reports mention up to 1.2 million daily active addresses. While this looks impressive, active addresses do not equate to “real storage users.” Many are involved in on-chain transactions, wash trading, or automated programs.
· Storage Reality: The network’s total capacity reaches 3.2 EiB, but only about 1.0 EiB of data is actually stored. The issues lie within the structure:
· Production Applications (Real Users): Only account for 11% (about 0.11 EiB).
· Official Subsidies: 42% are public datasets “fed” by the official.
· Miner Self-Storage: A large portion consists of miners storing useless data just to earn rewards.
· Geographic Risks: Over 58% of storage nodes are in China. If policies change, data stability and access could face significant challenges.

💎 Summary

The conclusion is clear: FIL has real users, but 99% are “miners” and “profit-chasers” driven by rewards. Very few enterprise-level users are paying to store data. The current practical application rate cannot support its former market cap fantasies.

Therefore, the current depressed price reflects this brutal game between genuine demand and massive selling pressure. Since there are so few real users, who is constantly selling day after day?