TLDR;
- FIL is up by nearly 10% today, outperforming the broader cryptocurrency market.
- Filecoin’s rally comes ahead of its FVM launch in a few days.
- FIL could look to set a new monthly high over the next few days.
FIL Rallies Ahead Of The FVM Launch
The cryptocurrency market remains relatively bearish, with the total crypto market cap down by less than 1% in the last 24 hours.
Bitcoin and Ether are all trading in the green zone as the leading cryptocurrencies struggle to protect their resistance points.
However, FIL, the native token of the Filecoin ecosystem, is one of the best performers today. FIL is up by more than 9% in the last 24 hours and is now trading above $6 per coin.
5 days till the FVM 🚀
— Filecoin (@Filecoin) March 9, 2023
Watch live: https://t.co/Em2JWz5Ntx pic.twitter.com/c6Ml7a1p3K
The rally comes as the team announced that it would launch the Filecoin Virtual Machine (FVM) in five days.
The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts (also called actors) on the Filecoin network.
Filecoin explained that these smart contracts can be written in Solidity, and eventually, any language that compiles to WASM will be supported. Smart contracts enable users to create and enforce rules for storing and accessing data on the network. The FVM is responsible for executing these smart contracts and ensuring that they are executed correctly and securely.