Filecoin (FIL) Price Jumps 29% Ahead of FVM Release on March 14

• The trading volume has increased by 227% in the last twenty-four hours.
• On March 14 at 15:14 UTC, the FVM will be released into the Filecoin mainnet.

On Monday, the value of Filecoin jumped by 29% in anticipation of the release of the Filecoin Virtual Machine (FVM). In addition, the trading volume has increased by 227% in the last twenty-four hours, suggesting a surge in interest among investors. 

On March 14 at 15:14 UTC, or epoch 2,683,348, the FVM will be released into the Filecoin mainnet. Binance, the popular cryptocurrency exchange, has announced that they would be supporting the “Network v18 Hygge” update to the Filecoin network. Around 14:30 UTC on March 14, the exchange will halt Filecoin (FIL) deposits and withdrawals.

In spite of the update, users may still trade FIL normally. If everything goes well with the change, Binance will allow FIL deposits and withdrawals again.

In order to make the Filecoin blockchain a proper L1, the Filecoin Virtual Machine (FVM) will be implemented. As a result of the update, Filecoin will be compatible with numerous virtual machines (VMs), thanks to its compatibility with the Ethereum Virtual Machine (EVM). It will aid in realizing the vast possibilities of a data-sharing economy.

More individuals will be able to generate and appropriate data value thanks to the FVM, as was previously reported. Over time, FVM will free up new opportunities for businesses, industries, and consumers. The Ethereum-compatible FVM will speed up transactions, reduce user gas prices, and ultimately help spread the word about DeFi.