Filecoin Price Soars 20% On This Major Development: Details

World’s largest decentralized storage network Filecoin announces the launch of Filecoin Virtual Machine (FVM) on March 1. The FVM will bring smart contracts and user programmability to the Filecoin blockchain, making it a fully-fledged L1.

Filecoin aims to establish a leading position in the already competitive Layer-1 blockchain space. With over 3,800 storage providers and almost 14 EiB of storage capacity, Filecoin is currently the world’s largest decentralized storage network.

In the Layer-1 ecosystem, Filecoin has a competitive advantage in storage services and provides services to other L1 blockchains. However, Filecoin sees its relationship with other L1 as collaborative, not competitive. FVM will enable several use cases such as perpetual storage, DeFi, DataDAOs, etc.

Interestingly, FTM aims for interoperability with the Ethereum Virtual Machine (EVM), enabling Filecoin to support multiple VMs. It will help unleash the enormous potential of an open data economy. Ethereum has already shared the importance of EVM and Layer-2 blockchain to decrease gas fees and increase transaction speed.

While the crypto community awaits to see the advantages of Filecoin Virtual Machine, many view it as a major development for the crypto community. Recently, Filecoin ranks over Ethereum in the GitHub Daily Development Activity data.

Top 10 GitHub Activity. Source: ProofofGitHub

Filecoin (FIL) Price Jumps 20%

Filecoin (FIL) price has jumped nearly 20% in the last 24 hours, with the current price trading at $6.49. Moreover, FIL price has soared over 40% in a week. The 24-hour high and low are $5.38 and $6.58, respectively.

The market cap rises 19% to $2.53 billion and trading volume by 250% in the last 24 hours. The massive trading volume indicates interest among investors as the FVM launch comes near.

Also Read: Ethereum Shanghai Upgrade May Suffer Delay As Developers Found Issues

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.