Sia had a 30 million coin premine. There are currently 10 billion coins in circulation, definitely just a drop in the bucket. I regret doing that premine, should have just dropped $600 during the first 5 days of trading, would have had the same effect.

They found an elegant way to avoid premine & ICO : this is a two coin mecanism : siacoin and siafunds.
The siafunds has been sold to initial investors : they give right to have a percentage of the payment in siacoin of the storage contracts.
The siacoin are being produced by POW and are the money for the storage renting mecanism.

The one offering storage propose renting at some price on the network, the one searching for storage choose the best offer for his needs and pay in siacoin for a certain time.
A small fee of the renting payment goes to the siafunds holders.

The storage mecanism is in ealy beta stage.