FIL Price Surges 25.8% Following Smart Contract Development on Filecoin

According to Coinmarketcap, Filecoin is up 25.8% in the last 24 hours; Following new reports, this network plans to launch smart contracts on March 23rd to make it a full layer 1 protocol. With this news, the price of the token is showing an impressive uptrend.

Smart Contract Platform Deployment – Rally Catalyst

As explained above, one of the main reasons behind Filecoin’s bullish trend and rising trading volume is the sheer number of users flocking to the platform.

Today Filecoin announced plans to launch the Filecoin Virtual Machine (FVM) on March 23rd. The introduction of FVM is expected to bring smart contracts and the ability to be programmed by users on the main Filecoin network.

Filecoin is manufacturing this development positions itself as a leader in the already competitive Tier 1 blockchain ecosystem.

The blockchain has nearly 14 EiB storage capacities and over 3,800 storage providers. It is currently the largest decentralized storage network in the world. In the Layer-1 space, Filecoin has a competitive advantage in storage services and offers services to other L-1 blockchains.

The blockchain has nearly 14 EiB storage capacities and over 3,800 storage providers. It is currently the largest decentralized storage network in the world.

To become more competitive in the centralized cloud, the blockchain needs to grow more than ten times its current position.

Filecoin aims to become more meaningful than a storage network project and seeks to develop the decentralized infrastructure needed to provide programmable storage (via smart contracts), data recovery, and data computing.

The launch of smart contracts through FVM is expected to improve Filecoin storage services and enable multiple use cases associated with the Web3 space, such as eternal storage, DeFi, DataDAO, NFT, games, and so on.

Smart contracts on Filecoin will be able to deploy Web3 offerings with real services such as computing and storage provided on the open market.

FVM is compatible with the Ethereum Virtual Machine (EVM) and will allow the blockchain to support multiple virtual machines (VMs). This will help the Filecoin network offer huge benefits to the open data economy and serve many users.

Filecoin price action

In accordance with Coinmarketcap. Filecoin is currently trading at $7.41. This represents a price increase of 25.8% over the last 24 hours. It also shows a price increase of 61.50% over the past seven days. The coin is up 66.6% in the last 30 days.

Filecoin price chart on TradingView
The price of Filecoin is moving sideways on the 4-hour chart. Source: Filecoin/USDT on

FIL reached its highest price of $236.84 on April 1, 2021, showing a current value of 96.73%, below its all-time high price. The coin reached its lowest price of $2.64 on December 16, 2022. Thus, the current price is 192.88% higher than its all-time low price.

Its trading volume is $1.3 billion, up 533.10% from the previous day. It also signals a recent increase in its market capitalization. FIL has a market capitalization of $2.9 billion.

Featured image by Shutterstock, chart by TradingView.

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