Filecoin (FIL) Price Surges 25% Ahead of FVM Launch with Binance Support
Filecoin (FIL) price has surged by 25% in anticipation of the upcoming launch of the Filecoin Virtual Machine (FVM). This recent boost in price comes as the FVM is scheduled to be deployed on the Filecoin mainnet at epoch 2,683,348, estimated at 15:14 UTC on March 14.
Binance Supports Filecoin Network Upgrade
On March 13, crypto exchange Binance announced its support for the Filecoin network upgrade, referred to as "Network v18 Hygge." The exchange will temporarily suspend deposits and withdrawals of Filecoin (FIL) starting at 14:30 UTC on March 14. However, users can continue to trade FIL as trading will not be impacted during the network upgrades. After the successful upgrade, Binance will resume FIL deposits and withdrawals.
FVM Launches Smart Contracts and User Programmability
The Filecoin Virtual Machine (FVM) will usher in smart contracts and user programmability to the Filecoin blockchain, making it a fully-fledged L1. With interoperability with the Ethereum Virtual Machine (EVM), Filecoin can support multiple VMs after the upgrade, unlocking the potential of an open data economy.
The FVM will enable more people to create and capture value around data. Additionally, the FVM will unlock the development of applications, markets, and organizations. The Ethereum-compatible FVM will decrease user gas fees and increase transaction speed, while also boosting the adoption of DeFi.
Filecoin Price Surges and Trading Volume Increases
Currently trading at $5.75, Filecoin's 24-hour low and high for FIL price are $4.89 and $6.23, respectively, representing a 27% increase in the last 24 hours. Additionally, the trading volume has surged over 120% in 24hrs, indicating a rise in interest among traders. In February, FIL price hit a high above $9 on the Filecoin Virtual Machine launch and the pump in coins related to China.
The Filecoin Virtual Machine (FVM) launch has generated a lot of excitement in the crypto community, with Filecoin's price surging by 25% ahead of the event. The FVM will bring smart contracts and user programmability to the Filecoin blockchain, making it a fully-fledged L1. With interoperability with the Ethereum Virtual Machine (EVM), Filecoin can support multiple VMs after the upgrade, unlocking the potential of an open data economy. Binance's support for the Filecoin network upgrade will provide a much-needed boost for the upcoming launch. The rise in trading volume and interest among traders indicates a growing appetite for this promising technology.