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Decentralized storage network Filecoin (FIL) has finally announced the launch of its Ethereum compatibility feature, dubbed the Filecoin Virtual Machine (FVM). After months of waiting, the new feature rolled out on Pi Day at exactly 3:14 p.m. UTC.
According to the announcement, the Filecoin blockchain now supports smart contracts and user programmability, unlocking the enormous potential of an open data economy.
🎉 Today, the Filecoin community is proud to announce the successful launch of the #FVM! As of 3.14PM UTC, the Filecoin blockchain now supports smart contracts & user programmability, unlocking the enormous potential of an open data economy. Learn more: https://t.co/m2vWwkq7uA pic.twitter.com/RfeYFYGNA9
— Filecoin (@Filecoin) March 14, 2023
The advent of the FVM tool is a long one that started last year. While the protocol has earned a place as one of the most versatile in the Web3.0 industry as a highly functional decentralized storage network, the need to support smart contracts was considered a key feature for its future growth plans.
The launch of FVM has been welcomed by members of the Filecoin community, who went on an accumulation spree despite the current bearish outlook in the industry. Filecoin's price soared by 3.46% over the past 24 hours and by more than 13% in the trailing week. The FVM launch is considered a major catalyst for the current growth and for the future performance of the digital currency.
Filecoin expectations moving forward
With the launch of Filecoin Virtual Machine, developers in the protocol's ecosystem can build decentralized applications that can leverage the scalable Filecoin network as well as its versatile data storage provisions.
Filecoin will offer both developers and users the best of both worlds, and with the link to Ethereum, protocols and users can access liquidity from other EVM-compatible applications outside of the Filecoin ecosystem.
By virtue of a whole new ecosystem of dApps that will be making their way to Filecoin, FIL is bound to experience additional price growth in the near term, a move that can help boost its valuation in the near future, as we have been recording prior to the launch of the new protocol boost.