Analyst Colin Wu names possible reason for the rapid 80% growth of FILWhat happened? Over the past week, the native token of the blockchain-based decentralized file storage system Filecoin (FIL) has gained 79.41% in value. Analyst Colin Wu believes that the rise in value may be related to the upcoming launch of smart contracts on the network, which is expected in March. This event will make the project a full-fledged Level 1 (L1) blockchain. As of Feb. 20, 2:30 p.m. Moscow time, FIL is trading at $8.53, according to the Binance exchange.
What else did the analyst report? Wu said that as of Feb. 17, the number of active miners on the Filecoin network was 3,785 and they were stacking 134,023,969 FIL. At the time, the daily growth rate of the asset was 23%.
In addition, on the eve of the launch of the Filecoin Virtual Machine (FVM) from January 20 to February 10, the project community held its most successful developer hackathon ever. More than 1,000 participants from 82 countries submitted 279 projects.
Filecoin launched in 2017 and raised a record $257 million in its initial public offering (ICO).
The Chicago Mercantile Exchange (CME) and its index partner CF Benchmarks began publishing daily price indices for FIL, AVAX and Tezos tokens on Oct. 31. According to TokenUnlocks, $4.9 billion worth of FIl tokens will be unlocked in 2023
