Filecoin [FIL] makes a stunning comeback in 2023, is this the reason?
After facing considerable stress for most parts of 2022, Filecoin’s [FIL] bullish rally made impressive gains since the beginning of 2023. The coin surged 25% over the previous day at press time, data from CoinMarketCap showed.
<p lang=«en» dir=«ltr» xml:lang=«en»>Filecoin announced that it will launch smart contracts in Mar'23, making it a fully-fledged L1. FIL rose by 23% in 24 hours. There are currently 3,785 active miners on the Filecoin network, storing 18.767 EiB of information, and staking 134,023,969 FIL.— Wu Blockchain (@WuBlockchain) February 17, 2023
How much are 1,10,100 FILs worth today?
A possible reason for the continued increase could be the excitement behind the soon-to-be launched smart contracts on the network, as pointed out by Wu Blockchain above. Moreover, the introduction of smart contracts could drive mainstream adoption for the Filecoin network, which specializes in data storage.
The launch of Filecoin Virtual Machine [FVM] on the mainnet is expected to bring smart contracts and user programmability to the Filecoin blockchain. Prior to the release, FIL would organize a one-day event called The Countdown to FVM, which will feature exclusive FVM content and a builders showcase.
However, the buzz has not permeated through other network parameters. The transaction fees dipped sharply over the last week, which could discourage new validators from entering the network, Token Terminal pointed out.
On the other hand, revenue for FIL holders plummeted by 67% after hitting a monthly high on 7 February. The network traffic also left a lot to be desired.
Source: Token Terminal
Despite the drop over the past few days, Filecoin’s daily cumulative revenue over the last six months stood at $11.9 million, second only
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