Key Points: Filecoin token FIL significantly increased on Friday. Social media users were excited about the launch of the Filecoin Virtual Machine (FVM) on the blockchain. This will provide smart contracts and allow programmers create decentralized applications for Filecoin’s network.
FIL Singapore conference in September saw the launch of FVM. The network promised that the software platform would allow for a variety user-programmable applications including perpetual storage, automated replication and repair, liquid staking through block reward, and liquid staking.
Filecoin token FIL saw a significant increase on Friday. The increase sparked excitement on social media about the blockchain’s Filecoin Virtual Machine, (FVM) which will go live March 1, and will provide smart contracts and allow programmers create decentralized applications for Filecoin network. It was $5.38 at midnight ET (05:00 GMT) and climbed to $7.82 at approximately 5 p.m. The price of the coin soared dramatically at 22:00 UTC. FIL rose to $7.35 at 22:00 UTC. Filecoin believes the platform will help to develop data-centric, decentralized autonomous organizations (DAO). This will make it easier to create Web3 games or pay-per-view transaction Web3 games. Filecoin will also be able to communicate between the Ethereum Virtual Machine and Filecoin. This will allow Filecoin to build cross-chain bridges that will allow funds to flow between different blockchain networks. Filecoin anticipates that the decentralized banking sector would accept it more readily due to its compatibility with EVM and layer 2 blockchains, which will also reduce user gas prices and speed up transactions.Following a number of significant cryptocurrency firm collapses that have made investors lose faith in centralized exchanges, DeFi projects–including the creation of layer 1 blockchain protocols–have gained a lot of support.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: FILFilecoinFilecoin tokenFilecoin Virtual MachineFVM