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Filecoin (FIL) up 9% as EVM Launch Draws Closer: Details

Wed, 02/22/2023 - 13:42
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Godfrey Benjamin
Filecoin will exhibit smart contract and EVM capabilities by mid-March
Filecoin (FIL) up 9% as EVM Launch Draws Closer: Details
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Filecoin (FIL) is making frantic efforts to pivot from just a decentralized storage service provider to a smart contract blockchain protocol. Having unveiled plans to launch smart contracts capabilities earlier, the protocol revealed recently that the long-awaited Filecoin Ethereum Virtual Machine (FEVM) is set to go live on March 14.

The protocol resounded its confidence in the potential launch's timing following the completion of the calibrationnet upgrade earlier today.

As its community now looks forward to this historic launch, the thoughts of smart contract capabilities have been driving a positive uptrend in the price of the asset.

At the time of writing, Filecoin (FIL) is changing hands on exchanges at a spot value of $8.39, up 9.26% over the past 24 hours, per data from CoinMarketCap. The sentiment surrounding the Filecoin smart contract capabilities that are set to be birthed soon showcases how ready the community is to go all out in embracing the new products that will emerge.

Filecoin (FIL) Loses Steam But Maintains Its Weekly Bullish Growth

Over the past seven days, the digital currency has jumped by a massive 61.57% to join the top-performing altcoins within that time frame.

Birthing new era

Typically, blockchain protocols are renowned for the high functionalities of their smart contracts to model financial products. With hundreds of protocols on Ethereum to access yield-earning products and services, the EVM capabilities being projected by Filecoin will open up applications that will be built on the blockchain to the bigger DeFi world.

This will create a whole new era for Filecoin users as the protocol will now have a dual capability, as will be embodied in its legacy function as a storage protocol and as a DeFi hub.

Protocols are known to be highly adaptive, provided the adaptation will aid the overall growth of the ecosystem. Ethereum also switched its consensus mechanism from proof of work (PoW) to the more energy-efficient proof of stake (PoS).

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.