Filecoin explodes 70% in price as this groundbreaking update to be released – Report
Filecoin’s anticipated smart contract upgrade is fueling its latest price upsurge.
The smart contract capabilities will open up new possibilities for all stakeholders in the Filecoin ecosystem.
Filecoin (FIL) remains among the best-performing altcoin over the past week as its price is up by 78.29% to $8.54. As a digital currency that is not known for its consistency in relation to higher prices, the growth was a major milestone for the protocol whose focus hinges on providing a robust decentralized storage system to power today’s fast-growing digital economy.
Per the growth of the past week, FIL printed its best price of $9.40 for the first time since October. While the current rally might not have a defined root, it was notably sustained by the highlight that the protocol is looking at launching its own smart contract capabilities.
Since its inception in 2019, Filecoin has gained immense traction for its role in powering decentralized cloud-based storage. It didn’t offer additional functionalities or capabilities even though the blockchain ecosystem is seeing immense diversification. The pivot to offer smart contract capabilities was first teased in October of last year at the FIL Singapore Conference.
As a reminder of the protocol’s plans, independent journalist, Colin Wu, known on Twitter as Wu Blockchain reiterated the scheduled launch of the Filecoin Virtual Machine (FVM) as of the end of March this year. According to Wu, the number of miners embracing Filecoin is growing by the second.
According to him, there are now 3,785 active miners on the Filecoin network, storing 18.767 EiB of information, and staking 134,023,969 FIL. This significant ecosystem milestone is on track to be bolstered by the emergence of FVM capabilities.
Filecoin announced that it will launch smart contracts in Mar’23, making it a fully-fledged L1. FIL rose by 23% in 24 hours. There are currently 3,785 active miners on the Filecoin network, storing 18.767 EiB of information, and staking 134,023,969 FIL.
— Wu Blockchain (@WuBlockchain) February 17, 2023
Filecoin to Compete With its Peers in Web3.0 following the Update
Once the Filecoin update is completed to launch the smart contract capabilities, then it will be fit to compete with its peers in the Web3.0 world.
The new update will permit developers in the Filecoin ecosystem to build applications bordering on Decentralized Exchanges (DEXs), Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs) and metaverses amongst others. By its core design, the FVM will be interoperable with the Ethereum Virtual Machine (EVM), giving it access to the broader DeFi world.
Filecoin users have been quite dedicated to the protocol and there are currently thousands of holders with over 350,000 users placing it on their watchlist on top aggregation platforms like CoinMarketCap. With the new update, additional functionalities, and use cases will now be opened to all key stakeholders.
Historically, adding smart contract capabilities to a blockchain protocol always powers its growth in the long term. The same can be said of the Cardano (ADA) blockchain which recorded parabolic growth with the launch of its Alonzo Upgrade which ushered in smart contracts back in 2021.
With the massive user base that Filecoin has printed thus far, chances abound that it will also record a similar growth trend, opening up whole new possibilities for developers within its ecosystem.
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Filed under: Bitcoin - @ February 21, 2023 9:08 am