Filecoin Up 50% in a Week

Over the past seven days, the price of the cryptocurrency Filecoin (FIL) has increased by 50%. The asset is trading at levels above $7.

Journalist Colin Wu suggested that the FIL rally is due to the announcement of the launch of smart contracts in March. The addition will make the network a full-fledged Tier 1 blockchain, he stressed.

Ahead of the network's own Filecoin Virtual Machine (FVM), the project held a hackathon, which it called the most successful in its history. The event attracted more than 1,000 participants.

According to a statement, they submitted 279 projects that included options for using the FVM in areas such as DataDAO, DeFi and others. Already running on the test network, the solution interoperates with EVMs to form cross chain bridges and provide compatibility with L2 protocols.

Despite the growth of FIL quotations, the cryptocurrency price is far from its historical maximum - in April 2021 the coin was worth more than $236.