Filecoin’s native cryptocurrency, FIL, has experienced a significant surge of about 50% in the past week as it rallies ahead of the launch of the Filecoin Virtual Machine (FEVM) on the Filecoin mainnet.
According to Coingecko data, the coin has seen strong rallies since January, with a 75.8% increase in its price over the past 30 days.
The rally comes after a challenging year for the coin, which saw FIL’s price drop to an all-time low of $2.64 on December 16th, 2022, as the 2022 bears hit the crypto market.
However, the price has gradually risen since then, and the coin is currently trading at $7.50, according to Coinmarketcap data. It represents a 96.87% drop from its ATH but a 306% increase from its all-time low.
The strong performance of FIL could continue if the rally persists, with the token potentially reaching significant resistance at $8. However, if the rally falters, the token could fall to the support level of $5.
Filecoin Hackathon Drives Developer Interest
As per the official blog post, the recent FVM Space Warp hackathon, organized by the Filecoin community in collaboration with ETHGlobal, was a resounding success, attracting significant support from the developer community.
The event was aimed at developers eager to build with the Ethereum-compatible Filecoin Virtual Machine (FEVM) in anticipation of its launch on the network’s mainnet on March 14th.
FEVM has made substantial progress since the last hackathon in November 2022, and developers can now build on the final version of FEVM with the implementation of its incremental delivery plan.
In addition, a new test network called Hyperspace by Factor 8 Solutions was launched, allowing developers to build and continuously iterate their projects on a stable test network that will remain available after the launch.
The hackathon featured an exciting agenda of talks, workshops, and demos showcasing new possibilities for storage-related solutions.
Additionally, the new Filecoin.sol library by Zondax allows Solidity smart contracts to interact seamlessly with Filecoin built-in actors, expanding the potential of storage solutions.
Project submissions at the hackathon demonstrated strong developer interest in FEVM, highlighting potential use cases such as Data DAOs, undercollateralized loans, decentralized computation over data, and data indexing and access control tooling.
However, as the launch of FEVM approaches, it’s evident that the developer community is eager to take advantage of the opportunities and functionalities that will soon be available.