As per Coinmarketcap, Filecoin has surged by 25.8% in the last 24 hours; following new reports, this network plans to launch smart contracts on March 23 to make it a fully-fledged layer 1 protocol. With this news, the token’s price has seen an impressive uptrend.
Smart Contract Platform Deployment A Catalyst For A Rally
As explained above, one of the primary reasons behind Filecoin’s bullish trend and surge in trading volume is the massive number of users flocking to the platform.
Today, Filecoin announced plans to launch the Filecoin Virtual Machine (FVM) on March 23. The introduction of the FVM is expected to bring smart contracts and user programmability to the Filecoin Mainnet.
Filecoin is making this development stamp itself as a leader in the already competitive Layer-1 blockchain ecosystem.
The blockchain has nearly 14 EiB storage capacities and more than 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 more than 3,800 storage providers. It is currently the largest decentralized storage network in the world.
To become more competitive within the centralized cloud, the blockchain is looking to grow more than ten times from where it currently stands.
Filecoin aims to become more significant than a storage network project and has been committed to developing the decentralized infrastructure required to enable programmable storage (through smart contracts), data recovery, and data computation.
The launch of smart contracts through the FVM is expected to enhance Filecoin’s storage services and enable several use cases associated with the Web3 space, like perpetual storage, DeFi, DataDAOs, NFTs, gaming, and so on.
Smart contracts on Filecoin will be able to deploy Web3 offerings with real-world services like computing and storage, provided by an open market.
The FVM is compatible with the Ethereum Virtual Machine (EVM) and will enable the blockchain to support multiple VMs (virtual machines). This will help the Filecoin network to offer massive benefits to the open data economy and serve many users.
Filecoin price action
According to Coinmarketcap, Filecoin is currently trading at $7.41. That represents a price increase of 25.8% in the last 24 hours. It also shows a 61.50% price uptick in the last seven days. The coin rose by 66.6% in the last 30 days.
FIL reached its highest price of $236.84 on April 1, 2021, which shows that the current value is 96.73%, down from its all-time high price. The coin reached its lowest price of $2.64 on December 16, 2022. The current price is, therefore, 192.88% higher than its all-time low price.
Its trading volume is $1.3 billion, representing a 533.10% rise from the previous day. It also signals a recent increase in its market capitalization. FIL has a market cap of $2.9 billion.