The price of Filecoin token FIL jumped more than 30% Friday, generating excitement on social media about the network's upcoming Filecoin Virtual Machine launch. By LizKNapolitano
along with information about the network’s upcoming smart contracts launch to his more than 250,000 followers.The network announced FVM’s launch in September at the FIL Singapore conference, promising the software platform would support an array of user programmable applications such as perpetual storage, storage replication and repair automation and liquid staking through block rewards.
FVM will be interoperable with the Ethereum Virtual Machine , allowing Filecoin to form cross-chain bridges enabling crypto funds to move from one blockchain network to another. Its compatibility with EVM and layer 2 blockchains will also decrease user gas fees and increase transaction speed, which Filecoin hopes will bolster its adoption by the decentralized finance community.
DeFi projects, including the development of layer 1 blockchain protocols, have garnered a strong following in the wake of a host of major cryptocurrency firm collapses that have shaken investors’ faith in centralized exchanges.Read more about
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