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Filecoin's FIL Token Gains 18% Ahead of Network Upgrade
The upgrade, scheduled to take place on Tuesday, will give users the ability to perform more functions on the platform.
Par Lyllah Ledesma
Filecoin’s native token FIL is rallying in the lead-up to a network upgrade that would make the storage network programmable.
FIL reached a high of $6.20 on Monday, up 18%, according to CoinDesk data. That put the token up 15% for the month. Bitcoin (BTC), meanwhile, has risen just 1% this month, while ether (ETH), the second-largest cryptocurrency, has chalked up a 3% gain. The wider crypto industry has also struggled over the last month, with the overall market cap dropping below the $1 trillion mark.
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The Filecoin Virtual Machine (FVM) network upgrade is set to go live Tuesday at 15:14 UTC. The software platform will introduce smart contracts and enable developers to design decentralized applications on the Filecoin network.
Filecoin, which went live on its main network in October 2020, enables users to rent out spare storage space on their computer. The platform rewards network participants who help in storing files and retrieving them.
Its FVM upgrade will unlock more uses such as perpetual storage and financial services for miners (e.g. collateral lending, liquid staking, insurance protocols), according to Filecoin's website.
On Monday, Binance, the world’s largest crypto exchange by trading volume, said it will support Filecoin’s network upgrade by handling the technical requirements involved for users holding FIL in their Binance accounts.
Bitfrost, a multichain lending, staking and liquidity pool platform, announced on Monday the launch of its liquid-staking token for Filecoin. “$vFIL will be ready for minting on http://bifrost.app, soon!” a tweet from the platform said.
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