The Filecoin decentralized storage network has been attracting the attention of the crypto community. Its plan to bring smart contract support and user programmability on the Filecoin blockchain has been well received. Filecoin announced earlier that its native Filecoin Virtual machine (FVM), launched on March 1. Last week, the FIL price soared by 30%.
Filecoin revealed in a tweet that it had launched the Ethereum-compatible Filecoin Virtual Machine mainnet launch (FEVM) on February 20. According to the blog post the Ethereum-compatible Filecoin Virtual Machine is launching on Filecoin mainnet March 14.

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Filecoin’s largest hackathon, “FVM Space Warp”, was completed in collaboration with ETHGlobal. It received overwhelming support from developers.
FVM will be interoperable and compatible with the Ethereum Virtual Machine, (EVM). This will allow Filecoin to create cross-chain bridges that enable crypto funds to move between blockchain networks. It will unlock the immense potential of an open-data economy.
Its compatibility to EVM and layer two blockchains will reduce user gas fees and increase transaction speeds. Filecoin hopes to increase its adoption by the Decentralized Finance (DeFi) community using FVM.
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Decentralized storage network platform views its relationship with other L1s, despite the already competitive Layer-1 blockchain space as collaborative, not competition, FVM will allow for multiple use cases, such as perpetual storage and DeFi, DataDAOs, and other L1-related services.

FVM’s anticipated launch has seen Filecoin (FIL), prices rapidly rise in the past few weeks. FIL is up almost 80% in a single week. Experts predict a jump of over $12 with the FEVM Launch.
FIL is currently trading at $8.37. This is a 3% decrease in the last 24hrs. The lowest and highest 24-hour prices are $8.23 & $9.40, respectively. The trading volume has increased 50% over the last 24 hours, which indicates an increase in traders’ interest.
Also read: Another Hedge Fund Fails in Foray of FTX; Market to Decline

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