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Filecoin Announces Ethereum-Compatible FVM Mainnet Launch Date, FIL Price $12 Next?

Filecoin announces Ethereum-compatible FVM (FEVM) mainnet launch to happen on March 23, Will it pump FIL price?
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Filecoin Announces Ethereum-Compatible FVM Mainnet Launch Date, FIL Price $12 Next?

The decentralized storage network Filecoin’s plan to bring smart contracts and user programmability to the Filecoin blockchain has been grabbing the attention of the crypto community. Filecoin earlier announced its native Filecoin Virtual Machine (FVM) launch on March 1. The FIL price rallied 30% last week.

Filecoin in a tweet on February 20 revealed the Ethereum-compatible Filecoin Virtual Machine (FEVM) mainnet launch on March 14. According to the blog post, the Ethereum-compatible Filecoin Virtual Machine (FVM) is launching on the Filecoin mainnet on March 14.

The Filecoin community recently completed its largest hackathon to date “FVM Space Warp” in collaboration with ETHGlobal. It received overwhelming support from the developer community.

FVM will be interoperable with the Ethereum Virtual Machine (EVM), allowing Filecoin to form cross-chain bridges enabling crypto funds to move from one blockchain network to another. It will help unleash the enormous potential of an open data economy.

Its compatibility with EVM and layer 2 blockchains will also decrease user gas fees and increase transaction speed. Filecoin hopes to bolster its adoption by the decentralized finance (DeFi) community with FVM.

Despite an already competitive Layer-1 blockchain space, decentralized storage network platform sees its relationship with other L1 as collaborative, not competitive. FVM will enable several use cases such as perpetual storage, DeFi, DataDAOs, etc.

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Filecoin Price Can Hit $10

Filecoin (FIL) price has been rapidly rising in the last few weeks due to the anticipated launch of FVM. FIL price is up nearly 80% in a week and is slated to rise continuously, with experts predicting a jump over $12 with the FEVM launch.

The FIL price is currently trading at $8.37, down 3% in the last 24 hours. The 24-hour low and high are $8.23 and $9.40, respectively. The trading volume has increased by 50% in the last 24 hours, indicating an increase in interest among traders.

Also Read: Another Hedge Fund Collapses In Foray Of FTX; Market To Decline?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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