HomeAltcoinEthereum Rival Explodes 26% Ahead of New Network Update

Ethereum Rival Explodes 26% Ahead of New Network Update


A major rival to Ethereum (ETH) is recovering from a crash ahead of a highly anticipated network upgrade due to go live tomorrow.

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

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

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

Following the completion of the calibration grid upgrade today, FEVM is on track to bring smart contracts and user programmability to the Filecoin mainnet on March 14, 2023!

Source: Filecoin/Twitter

Once the Filecoin VM upgrade is complete, the network will be a fully formed Layer 1 blockchain, just like Ethereum.

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

Filecoin launched in October 2020 and is backed by several large crypto startups, including Winklevoss Capital, Sequoia Capital, Andreessen Horowitz, and Union Square Ventures.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular