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.
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.
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