Solana News Today: Pipe Network Launches Firestarter Storage to Challenge Cloudflare with Solana-Based DePIN Model

Pipe Network, a decentralized infrastructure project built on the Solana blockchain, has unveiled its Firestarter Storage protocol, positioning itself as a decentralized competitor to centralized cloud storage and content delivery networks (CDNs) such as Cloudflare’s R2 and CDN services. The protocol leverages a global network of nodes to enable content delivery with latency as low as 5 milliseconds, according to the project’s documentation [1].

Firestarter Storage has already been used internally to host Solana’s Proof-of-History archival datasets and regular network snapshots, indicating its early technical viability. The platform aims to offer a permissionless layer for data storage, challenging traditional infrastructure stacks [1].

The native token, $PIPE, is integral to the Firestarter Storage model. Users are required to burn $PIPE tokens to access the network and earn data credits. These burned tokens are then re-minted and distributed to network contributors, creating an incentive mechanism similar to those seen in other Solana DePIN projects such as Helium and Hivemapper [1].

According to the project’s documentation, the base pricing for storage in the Firestarter protocol starts at 1 $PIPE per gigabyte. However, the network has not yet announced a date for its token genesis event (TGE). The $PIPE token will be launched via the Metaplex Genesis protocol, a mechanism that has previously been used by other projects [1].

A recent token sale on Coinlist raised $300 million worth of $PIPE, representing 3% of the total supply. The sale offered two vesting schedules: investors who chose to unlock tokens immediately did so at a fully diluted valuation (FDV) of $250 million, while those opting for a one-year vesting schedule did so at an FDV of $200 million [1].

These developments suggest growing interest in decentralized infrastructure (DePIN) solutions, particularly those leveraging the Solana ecosystem. As Firestarter Storage moves closer to public launch, the level of adoption and usage could influence demand for $PIPE among traders and investors.

Separately, Cboe has introduced new listing requirements that could streamline the approval process for cryptocurrency ETFs. Under the new rules, a Solana ETF could qualify for approval as early as September 17 [1].

The convergence of DePIN infrastructure development and regulatory advancements highlights the maturing landscape of blockchain-based services and financial products. As projects like Pipe Network continue to innovate, they may further challenge traditional tech and finance models.

Source: [1] How Will $PIPE Feature in Pipe Network’s Storage Protocol — https://solanafloor.com/zh/news/how-will-pipe-feature-in-pipe-network-s-storage-protocol