Messari releases Filecoin report for the second quarter of 2023. The Filecoin storage market continued to grow in the second quarter, with active transaction volume increasing by 64% quarter-on-quarter. As storage capacity fell 12% sequentially, storage utilization increased from approximately 4% in the first quarter to nearly 8% in the second quarter.
Fee revenue for the second quarter of 2023 was 2.5 million FILs, an increase of 91%, driven by a 64% sequential increase in active storage transactions and a 60% increase in the number of large data set clients. In U.S. dollar terms, second quarter agreement revenue was $11.5 million, an increase of 66.6%. Although FIL base expenses increased approximately 3 times quarter-on-quarter, penalty expenses continued to decline, falling 17% quarter-on-quarter and 29% compared to the peak of $700,000 in the fourth quarter of 2022.
