Filecoin (FIL) rallied Tuesday ahead of the community’s plans to execute a long-awaited Filecoin Virtual Machine (FVM) upgrade later Tuesday.
The token rose 22 percent to an intraday high of $7.50, according to TradingView data.
The network upgrade will allow smart contracts to run on top of the protocol and allow developers to create decentralized applications there. It will also introduce encrypted datasets, replica workers, and a trustless privacy-preserving reputation system to the network.
The project has received support from many well-known players in the encryption industry.
On Monday, Binance, the world’s largest cryptocurrency exchange, said it would “handle all technical inquiries regarding all users holding FIL” in support of the upgrade.
OKX Wallet also expressed support for the network, as it will be one of the first multi-chain wallets to integrate the Filecoin EVM upgrade, allowing users to view and trade Filecoin EVM tokens within the OKX mobile app and utility. OKX wallet network extension.
The FVM upgrade for Filecoin was first announced last month. Since then, its token value has increased by about 45%.
- Filecoin (FIL) Needs to Break This Key Level to Resume Uptrend
- Filecoin (FIL) Shows Signs of Partial Bottom, Will Recovery Happen?
According to Coindesk