Filecoin Soars More Than 30%, Generating Interest In Launch Of Virtual Machine

Key Points:

• Filecoin token FIL increased significantly on Friday. The increase spurred anticipation on social media for the blockchain’s Filecoin Virtual Machine (FVM), which will go live on March 1 and provide smart contracts and allow programmers to create decentralized applications for the Filecoin network.
• FIL Singapore conference in September, the network announced the debut of FVM and pledged that the software platform would allow a variety of user-programmable applications, including perpetual storage, automated storage replication and repair, and liquid staking through block rewards.

Filecoin token FIL increased significantly on Friday. The increase spurred anticipation on social media for the blockchain’s Filecoin Virtual Machine (FVM), which will go live on March 1 and provide smart contracts and allow programmers to create decentralized applications for the Filecoin network.

From $5.38 at midnight ET (05:00 UTC) to a peak of $7.82 at roughly 5 p.m. ET, the coin’s price increased dramatically (22:00 UTC). FIL was up 36.7% to $7.35 as at the time of writing.

Spread word of the pump and details about the network’s impending deployment of smart contracts to his more than 250,000 followers, creating buzz on the topic.

FVM’s addition to Filecoin will render the network a full-fledged layer 1 blockchain

At the FIL Singapore conference in September, the network announced the debut of FVM and pledged that the software platform would allow a variety of user-programmable applications, including perpetual storage, automated storage replication and repair, and liquid staking through block rewards. The platform can also assist the development of data-centric decentralized autonomous organizations (DAO), which among other things would make it easier to create Web3 games and pay-per-view transactions.

FVM and the Ethereum Virtual Machine (EVM) will be able to communicate with one another, allowing Filecoin to create cross-chain bridges that will allow cryptocurrency funds to flow between 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.

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