Filecoin price jumps 20% on this major development

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

Filecoin aims to establish a leadership position in the already competitive Layer-1 blockchain space. With more than 3,800 storage providers and nearly 14 EiB of storage capacity, Filecoin is currently the largest decentralized storage network in the world.

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 L1s as cooperative rather than competitive. FVM will enable many use cases such as persistent storage, DeFi, DataDAO, etc.

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

While the crypto community waits to see the benefits of the Filecoin virtual machine, many see it as an important development for the crypto community. Recently, Filecoin classes via Ethereum to GitHub’s Daily Development Activity data.

Filecoin (FIL) price increased by 20%

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

Market capitalization is up 19% to $2.53 billion and trading volume is up 250% in the last 24 hours. The huge trading volume shows interest among investors as the launch of FVM approaches.

Also Read: Ethereum Shanghai Upgrade May Be Delayed As Developers Spot Issues

Varinder is a technical writer and editor, tech enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge on Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period and currently covers all the latest updates and developments in the cryptocurrency industry.

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