About the editor: Spencer Noon is Co-founder & General Partner at Variant.

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Network Coverage
Coverage on Livepeer, Filecoin, and Arweave.

• Livepeer is an Ethereum-based protocol that provides scalable, affordable, and decentralized video transcoding infrastructure to developers and broadcasters. Following a community vote, the core Livepeer team successfully launched the Confluence upgrade in February - migrating all network activity from Ethereum mainnet to Arbitrum. In February, the Livepeer network experienced consistent week-over-week usage, with video transcoding exceeding 2m minutes each week.

• In Q4 2021, Orchestrators saw a quarter-over-quarter increase in ETH-based fee revenue from about $72k to over $154k in revenue, totaling $337k for 2021. Additionally, $40m LPT staking rewards were distributed to Orchestrators in 2021, with $17m LPT distributed in just Q4 2021.

• There has been an increase in the amount of LPT re-allocated from one Orchestrator to another post-migration. Before the migration, the Livepeer network saw 11 re-allocations of 37,677 LPT. Post-migration, there were 685 re-allocations of stake totaling 7m LPT in just a few days.

• Filecoin is a decentralized storage network that allows anyone to rent-out free space on their computer to other users who are looking to store data. It can be thought of as similar to the Airbnb model, which allows anyone to rent out a room in their house or even the entire house. The storage on Filecoin’s network has reached about 15.5 Exbibytes (EiB). That’s almost 1m TiB, which is enough to store about 200m uncompressed copies of Wikipedia.

• 2021 was a breakout year for NFTs. Filecoin is at the center of enabling the NFT-economy by offering an NFT storage product. The number of NFTs stored on Filecoin has already 2x’d from the beginning of 2022.

• Along with the actual storage network, interest in the Filecoin token seems to be increasing on centralized exchanges as well. The number of tokens held in CEX hot wallets has started increasing, with a large uptick at the beginning of 2022.

• Arweave is a permanent data storage protocol differentiated from IPFS (a data-addressing protocol) and Filecoin (a temporary data storage consumer and provider matchmaking platform). Arweave is increasingly becoming a default platform for storing data in the Web3 ecosystem for both fast recall and archival purposes. The protocol utilizes market incentives to automatically ensure data redundancy and availability of new capacity, without requiring the user / dev to make potentially detrimental choices.

• Arweave leads the web3index.org rankings with >4x the revenue of the nearest competition, and almost 2x the total revenue of all other listed protocols.

• Bundlr.network is responsible for >80% of data upload to Arweave in recent months, instigating the massive growth in data stored by significantly improving the Arweave’s ease of use for developers, allowing payment in popular cryptocurrencies and handling transaction bundling for optimal efficiency.