Squid and Axelar announce integration with Filecoin Virtual Machine
Squid has announced its plans to integrate with Filecoin Virtual Machine, also known as FVM. The integration will be simultaneously undertaken by Axelar to fulfill the objective of wider adoption of cryptocurrencies. Calling this integration an important moment, Squid has highlighted in the announcement that it is merely a step forward on the road that leads to the future of interchain.
Filecoin brings to the table the reputation of being utilized by some of the larger organizations, irrespective of their backgrounds. Meaning they could be inside or outside the crypto industry and still be able to leverage the functionalities of Filecoin for data storage.
Bringing it out under the limelight is the manner in which it revolutionizes the traditional system of data storage. The current on-chain data storage is complex and storage, yet an inevitable part of the system. Many developers are forced to use those systems to store their data. The centralized mechanism has posed significant troubles for a long time, but the introduction of Filecoin flips the coin to the other side.
What strengthens this is the launch of a new chain and FVM, with the latter being in the middle stage of the discussion.
FVM, or Filecoin Virtual Machine, works specifically for developers, enabling them to write smart contracts that pay for the storage of data on IPFS, an open system to manage data. The integration is also crucial because the implementation of the same mechanism is not possible on normal blockchains.
The integration is now in play, and users can buy $FIL from the native platform. This also applies to DAOs and protocols which are looking for a permissionless purchase of the token. Once bought, $FIL can be used to execute payment transactions on the Virtual Machine no matter the chain. This has sparked severe interest in $FIL despite a fall of 1.08% in the last 7 days. The trading value of the token is currently $4.41. As per the Filecoin price forecast, it carries the potential of going as high as $11.98. Another possibility is that the token value will be restricted to $4.3 by the end of 2023.
Integration with Filecoin Virtual Machine follows the development by Squid, wherein it shared the details of enabling the transfer function for users. This gives them the power to transfer their tokens into any of the thirteen Cosmos chains from anywhere in the world. This has taken the power of the Cosmos to another level altogether.
Squid further made this interesting by announcing to give away the gas fees. However, it means that the team said that it would cover all the fuel costs for users who are venturing out to explore Cosmos for the first time.
FVM’s integration with Squid and Axelar is a game-changer in a win-win situation. It aims to brighten up the future of the interchain and accelerate the adoption of cryptocurrency.