Filecoin FIP-0014 proposal will be implemented on April 13. Will the circulation of FIL increase significantly?

According to official news, Filecoin's improvement proposal FIP-0014 to allow V1 proof sectors to be extended to a maximum of 540 days has been passed and will be implemented at 6:00 on April 13.

More than 200 miners participated in the proposal vote, of which 1.19EiB (98%) of miners approved it, and it passed with an overwhelming majority.

The FIP-0014 proposal allows the V1 sector to be extended to 540 days. For sectors sealed before November 27, 2020 (sectors sealed using V1 proofs before network upgrades), the sector lifecycle can be extended to 540 days, including the days that have already been running.

It is reported that the reason for launching FIP-0014 is that there are security issues with the early encapsulated sectors launched on the mainnet, which may threaten the network security of Filecoin in the future. The expansion of such sectors was previously prohibited in the network V7 upgrade (November 2020). If the lifetime of v1 sectors is allowed to be extended to more than 540 days, there will be security risks. The decision also involves issues in cryptoeconomics.

This proposal not only eliminates security risks, but also tries to take into account the fairness of miners. The V1 proof part should be treated equally like any other part. Many stakeholders in the Filecoin project have expressed their opinions on the new FIP. In order to ensure that the community fully understands whether it supports the newly proposed FIP, the proposal also hopes that every community member will participate in the community vote.

According to the FIP-0014 proposal, Filecoin staked coins before November 24, 2020 cannot be renewed, and the previous staked coins are all free chips received by miners from the official faucet. These chips are approximately 7.9 million and will expire in mid-April. By then, the Filecoin network computing power may drop significantly. These free staked coins will cause the actual circulation of Filecoin to increase significantly.

It is worth mentioning that the price of FIL has been rising sharply recently, which has also driven the rise of the entire storage sector. Data shows that FIL has risen by more than 300% in the past 30 days.

Stocks such as STORJ and CRU have seen a single-day increase of more than 20%.