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%.