While everyone is discussing the success of Worldcoin, another crypto project is gaining momentum, remaining in the shadows. We tell you why Filecoin (FIL) rose in price by almost 40% in a week
Today the cryptocurrency market is in a state of correction, however, there are coins that have not been affected by it, and that’s why the price of FIL increased by almost 10% per day, and by 39% over the week.
What’s going on with Filecoin (FIL) ?
At the time of writing, Filecoin (FIL) is trading at $7.15, with the price coming close to the critical $8.00 area throughout the day.
Along with the price, the trading volume also increased. According to CoinMarketCap, it approached $1.5 billion, which is almost 160% higher than the previous day. At the time of publication, Filecoin (FIL) is ranked 24th in the cryptocurrency rankings with a market capitalization of $3.8 billion.
Three Reasons for the Rise of Filecoin
Filecoin’s bullish trend rests on a solid foundation and is also supported by favorable technical factors and an overall positive sentiment in the market.
Collaboration with Solana
The Filecoin team has announced a strategic partnership with the Solana ecosystem, which integrates Filecoin’s decentralized storage solutions. They can help you optimize data backup, increase storage capacity, and improve security.
Anatoly Yakovenko, the founder of Solana, even reminded his followers on the X social network (formerly Twitter) that the original design of the Solana archiver was initially based on some developments from the Filecoin technical documentation.
FIL Announced Partnership with Pyth Feeds
The team announced integration with the financial oracle network PythNetwork. It supplies blockchains with real-time financial market data. Currently, more than 50 protocols are connected to PythNetwork. The Filecoin team believes that integration with Pyth Feeds is extremely important: users will have access to reliable market data, which will increase trust in the entire ecosystem.
“With real-time data at their fingertips, users will be able to streamline transactions, reduce latency, and improve performance on the Filecoin network,” it said .
In general, Filecoin willingly cooperates with various protocols. For example, last year the project launched an EVM compatibility engine called Filecoin Virtual Machine (FVM). It allows developers to create applications and connect them to the largest public network. This openness bears fruit, increasing interest in Filecoin and making its token more in demand.
Growth in the volume of stored data
Since 2023, the volume of data hosted on the Filecoin platform has increased 3.8 times, reaching 1,800 PiB. This was reported on the official project page on Twitter. Most of this data came from participants outside the Web3 industry.
About Filecoin
Filecoin is a decentralized system for data exchange and cloud storage. Developed by Protocol Labs, a research and development company that specializes in Web 3.0 solutions. Filecoin is a blockchain based on IPFS (Interplanetary File System). FIL is the network’s native cryptocurrency, serving as a payment instrument connecting buyers and sellers in the IPFS ecosystem.
