FIL Jumps 14% as Traders Await Filecoin Virtual Machine Upgrade
The token was recently trading at $7.22 ahead of an upgrade that will introduce several new features to the Filecoin network.
Mar 14, 2023 at 5:14 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VM3IPDMGVRGKXK3AGN2ZJ623DM.png)
(Filecoin.io)
Filecoin's token (FIL) rallied on Tuesday ahead of the community's plans to carry out its long-awaited Filecoin Virtual Machine (FVM) upgrade later Tuesday.
The token was up 14% over the past 24 hours to $7.22, according to CoinMarketCap data. The network upgrade will allow smart contracts to run on the protocol and let developers create decentralized applications there. It will also introduce tokenized datasets, replication workers and trustless privacy-preserving reputation systems to the network.
The project has already attracted support from several prominent players in the crypto industry.
On Monday, Binance, the world's largest crypto exchange, said it would “handle all technical requirements involved for all users holding FIL” in their accounts to support the upgrade. OKX Wallet also expressed support for the network by announcing on Tuesday it would serve as one of the first multi-chain wallets to integrate the Filecoin EVM upgrade, allowing users to view and trade Filecoin EVM tokens in the OKX Mobile App and OKX Wallet Web Extension.
Filecoin’s FVM upgrade was first announced last month. Since then, its token’s value has shot up roughly 45%.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/dcfcc5f4-a693-418d-a529-bb8e772f39d1.png)
Elizabeth Napolitano is a news reporter at CoinDesk.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.