Ethereum Rival Explodes 26% Ahead of New Network Upgrade

A top Ethereum (ETH) rival is rallying out of a dip ahead of a highly anticipated network upgrade launching tomorrow.

Peer-to-peer decentralized storage network Filecoin (FIL) is worth $6.22 at time of writing, up 27.5% in the last 24 hours.

Last month, Filecoin announced the launch date of a major network upgrade called the Filecoin Virtual Machine (FVM). The FVM aims to introduce smart contracts and allow developers to create crypto apps. The project says that multiple new cases will arrive to the network, including tokenized datasets, trustless reputation systems and replication workers.

“Did you hear? The Filecoin EVM (FEVM) launch is closer than you think.

After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023!”

Source: Filecoin/Twitter

Once Filecoin’s virtual machine upgrade is complete, the network will be a fully-formed layer-1 blockchain, like Ethereum.

Yesterday, the world’s largest crypto exchange by trading volume, Binance, announced it would support the network upgrade.

Related:  Economist Nouriel Roubini Blasts Crypto Market as a Total Criminal Enterprise

Filecoin launched in October of 2020 and is backed by a number of large crypto venture firms, including Winklevoss Capital, Sequoia Capital, Andreessen Horowitz and Union Square Ventures.

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Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond

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