• Filecoin’s FIL token has gained 18% ahead of a network upgrade scheduled for Tuesday.
• The upgrade will allow users to perform more functions on the platform and introduce smart contracts.
• The wider crypto industry has struggled over the last month, with market cap dropping below the $1 trillion mark.

Filecoin’s FIL Token Gains 18%

Filecoin’s native token FIL is rallying in the lead-up to a network upgrade that would make the storage network programmable. FIL reached a high of $6.20 on Monday, up 18%, according to CoinDesk data. This put the token up 15% for the month compared to Bitcoin (BTC) and Ether (ETH), which have risen just 1% and 3%, respectively this month.

Network Upgrade Scheduled for Tuesday

The Filecoin Virtual Machine (FVM) Network Upgrade is set to go live on Tuesday at 15:14 UTC. The software platform will introduce smart contracts and enable developers to design decentralized applications on the Filecoin network. It will also unlock more uses from being able to store, transfer, and manage digital assets across multiple chains simultaneously.

Wider Crypto Industry Struggles

The wider crypto industry has faced difficulties over the last month, with overall market cap dropping below the $1 trillion mark. This could be due to increasing competition between different blockchains as well as regulatory uncertainty surrounding cryptocurrency exchanges in many countries around the world.

What is Filecoin?

Filecoin went live on its mainnet in October 2020 and enables users to rent out spare storage space on their computer which rewards them for helping store files and retrieving them when necessary. It is an open-source protocol which allows anyone in any part of the world can participate in a secure market for computing resources or offer services such as data storage or content delivery networks without relying upon any central authority or company operating a server farm somewhere else in the world.


It appears that Filecoin’s native token FIL is gaining traction ahead of its upcoming FVM Network Upgrade due to its potential use cases once it launches next week, while other cryptocurrencies are struggling due to increased competition and regulatory uncertainty worldwide

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