Fast-Rising Ethereum Rival Defies Bitcoin and Crypto Dip, Jumps 62% in One Week

The crypto project, which has expanded its capabilities to include smart contracts and Ethereum Virtual Machine (EVM) compatibility, has bucked a market downturn this week.

Decentralized storage platform Filecoin (FIL) is up 5.1% to $8.24 over the past 24 hours.

Altcoins are ignoring macroeconomic fears and Bitcoin retracements this week, posting a massive 62% gain over the past seven days.

Today’s rise is fueled by an announcement about when Filecoin’s major upgrade will take place.

On March 14th, Filecoin will launch a core protocol that will introduce smart contracts and allow developers to create cryptographic apps.

Did you hear me?of #filecoin Is the EVM (FEVM) launch closer than you think?

After today’s calibration net upgrade is complete, FEVM will bring smart contracts and user programmability to the Filecoin mainnet on March 14th, 2023!

? https://t.co/CMjBDN5Idz pic.twitter.com/AdoblUk19R

Filecoin (@Filecoin) February 22, 2023

Once the Filecoin conversion is complete, the network will be a fully formed Layer 1 blockchain.

Filecoin launched in October 2020 and is backed by many large cryptocurrency ventures including Winklevoss Capita, Sequoia Capital, Andreessen Horowitz and Union Square Ventures.

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