Analyst Colin Wu calls a possible reason for the rapid growth of FIL by 80%

The expert assumed that the rally of the asset is due to the upcoming launch of smart contracts in the Filecoin network

20.02.2023 - 12:00

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What’s new? Over the past week, the native token of Filecoin (FIL), a blockchain-based decentralized file storage system, has gained 79,41% in value. Analyst Colin Wu believes that the rise in value may be due to the upcoming launch of smart contracts on the network, which is expected in March. This event will make the project a full-fledged Layer 1 (L1) blockchain. As of February 20, 11:30 UTC, FIL is trading at $8,53, according to the Binance exchange.

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

What else did the analyst report? Wu said that as of February 17, the number of active miners on the Filecoin network was 3785, and they were storing 134 023 969 FIL in staking. At the time, the daily asset growth rate was 23%.

In addition, on the eve of the launch of Filecoin Virtual Machine (FVM) from January 20 to February 10, the project’s community held its most successful developer hackathon ever. More than 1000 participants from 82 countries submitted 279 projects.

Filecoin was launched in 2017 and raised a record $257 million in an initial public offering (ICO).

On October 31, the Chicago Mercantile Exchange (CME) and its index partner CF Benchmarks began publishing daily price indices for FIL, AVAX, and Tezos tokens. According to TokenUnlocks, $4,9 billion worth of FIL tokens will be unlocked in 2023.

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