Filecoin delays mainnet launch again

After collecting feedback from the community, Filecoin has decided to push back the launch of its next testnet stage and mainnet launch to accommodate for ongoing development and security audit efforts. Team developers now estimate phase two of the Filecoin testnet will launch the week of May 11, and the long-awaited mainnet will go live sometime between Jul. 20 and Aug. 21. The file storage project also revealed some recent progress, including the deployment of a multi-client testnet and the completion of the first round of internal security audits.

Why it matters:

• Filecoin is now closing in on three years since its massive 2017 initial coin offering (ICO). Another delay is not a welcomed sight for SAFT investors, some of who might be waiting an additional three years post-launch for a liquidity event. It would be interesting to see if Filecoin ends up offering an accelerated vesting schedule to these investors for weathering the elongated development process.
• Back in Sep. 2019, Filecoin was targeting a mainnet launch by the end of Q1 2020. Since then, the project has postponed its mainnet launch at least once due to development disruptions caused by the coronavirus outbreak. These delays could open a window for networks like Sia, Store, and Arweave to take control of the decentralized file storage market. But Filecoin’s remaining ICO war chest gives it plenty of runway to out-market and outlast competitors. Barring a run-in with the SEC over its 2017 SAFT, the Web 3 storage market could be Filecoin’s to lose.