Filecoin’s FVM Launch Sends Price Soaring

The world’s largest decentralized storage network, Filecoin, has announced the launch of its Filecoin Virtual Machine (FVM) on March 1. The FVM will make the Filecoin blockchain a fully-fledged Layer-1 blockchain by bringing smart contracts and user programmability to the network. This development will enable several use cases, including perpetual storage, DeFi, and DataDAOs, among others.


Open Data Economy Potential

With over 3,800 storage providers and almost 14 EiB of storage capacity, Filecoin is already the world’s largest decentralized storage network. However, with the launch of FVM, the platform aims to establish itself as a leading player in the highly competitive Layer-1 blockchain space. Filecoin has a competitive advantage in storage services and provides services to other L1 blockchains. The network views its relationship with other L1 as collaborative, rather than competitive.

Filecoin price

The FVM will enable Filecoin to support multiple Virtual Machines, including the Ethereum Virtual Machine (EVM), which will ensure interoperability with the Ethereum blockchain. This move will unlock the enormous potential of an open data economy, and Ethereum has already emphasized the importance of EVM and Layer-2 blockchain to reduce gas fees and increase transaction speed.


Market Cap Rises to $2.53 Billion

The FVM is one of the most highly anticipated developments in the crypto community, with many investors viewing it as a major development. Recently, Filecoin has even ranked higher than Ethereum in the GitHub Daily Development Activity data. This development has caused a surge in the price of Filecoin, with FIL rising nearly 20% in the last 24 hours, with a current trading price of $6.49. Additionally, the price of FIL has soared over 40% in a week, with a 24-hour high and low of $5.38 and $6.58, respectively.

The market capitalization of Filecoin has also risen 19% to $2.53 billion, with trading volume increasing by 250% in the last 24 hours. The significant trading volume indicates investor interest, as the FVM launch draws closer.


Exciting Development for Blockchain

The Filecoin Virtual Machine launch will likely have a considerable impact on the blockchain space, as it provides Filecoin with the ability to compete with other Layer-1 blockchains. The move will enable developers to create a range of decentralized applications and unlock the full potential of the network’s decentralized storage capabilities. Overall, the Filecoin Virtual Machine launch is an exciting development that has the potential to significantly shape the future of the blockchain industry.