This Major Development Causes the Filecoin price to soar 20%: Details

Filecoin Virtual Machine (FVM), the world’s largest decentralized storage network, has been launched by Filecoin on March 1. The Filecoin blockchain will be enhanced with smart contracts and user programming. It will become a fully-fledged L1.
Filecoin seeks to be a leader in the highly competitive Layer-1 blockchain space. Filecoin currently has the largest decentralized storage network in the world, with over 3,800 storage providers and nearly 14 EiB storage capacity.


Filecoin is a Layer-1 blockchain that has a competitive advantage in storage and offers services to other L1 Blockchains. Filecoin views its relationship with other L1 as collaborative and not competitive. FVM will allow for multiple use cases, such as perpetual storage and DeFi, DataDAOs, and others.
FTM aims to interoperate with the Ethereum Virtual Machine, (EVM), allowing Filecoin support for multiple VMs. It will unlock the immense potential of an open data economy. Ethereum already recognizes the importance of Layer-2 and EVM in order to reduce transaction fees and increase transaction speed.

Although the crypto community is still waiting to see the benefits of Filecoin Virtual Machine many see it as a significant development for the crypto community. Recent data from GitHub Daily Development Activity shows Filecoin ranked above Ethereum.
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Top 10 GitHub Activity. Source: ProofofGitHub
The Filecoin (FIL), price has jumped almost 20% in the past 24 hours. Current price is $6.49. FIL has also risen by more than 40% in the past week. The 24-hour high/low is $5.38 and $6.58 respectively.

In the last 24 hours, the market cap has increased 19% to $2.53 trillion and trading volume has increased by 250%. As the FVM launch draws near, investors are noticing a lot of interest in trading volume.
Also read: Ethereum Shanghai Upgrade may be delayed as developers discover issues

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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