The Filecoin Virtual Machine celebrates its 100 days

Filecoin launched Filecoin Virtual Machine, also known as FVM, on March 14, 2023. It has been a hundred days, and the community has seen tremendous growth in developers, storage providers, and other members of the network. To ignite more sparks in the celebration, Filecoin has highlighted its achievement in the recent announcement.

A summary of those highlights is that a total of 2500 smart contracts have been deployed, 1210 unique smart contracts have seen the light in the ecosystem, 91,000 wallets have been created, and 93.2k FIL have been sent daily, bringing the average to 14 days.

FVM has worked wonders for Filecoin as well. It has particularly strengthened its position as layer-1 introduced to power the open data economy. As a matter of fact, the same is its commitment for the months to come. Meaning the coming time will see Filecoin continue attempting to drive the open data economy while riding the horse named FVM.

Filecoin is inching toward achieving the goal set by Filecoin Master Plan. This includes having datasets on a decentralized cloud storage network with 12M+ TB capacity. This comes at a very competitive rate to make things more economical for Filecoin and its community.

FVM has enabled its members to build services for reputation and services along with participating in leasing & borrowing of its native token – FIL – which was last seen being traded at $3.97. That is an increase of 5.25% in the last 7 days. If the Filecoin forecast is to be believed, then the token can go as high as $11.98 by the end of 2023. That is, however, an over-optimistic estimate, with the lowest mark being $4.3.

Circling back to FVM completing a hundred days, the community has seen the network outgrow everyone’s expectations. This is evident from the point that several reputed crypto exchange platforms have listed support for FVM wallet address compatibility, enabling the users to interact with tools like MetaMask in addition to dApps that are supported by the native virtual machine.

It has also registered a massive growth in terms of Total Value Locked – TVL – by registering the fastest growth of +140% MoM. This will only rise as the Filecoin community continues moving forward. A vague goal is to accelerate the success, which awaits to be clarified with some numbers by Fiecoin itself.

The success is also backed by Filecoin hosting two notable events. These were FVM-focused hackathons, namely Space Warp and HackFS. More than 1,700 developers made their presence felt.

As time goes on, Filecoin will work to strengthen its position in the open data economy by prioritizing experience for the users and developers, irrespective of their experience. Another goal is to focus on smaller storage deals for the purpose of democratizing storage on FVM and Filecoin.

Filecoin hosts its own native currency – FIL – and is credited with being the largest data storage marketplace and protocol.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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