- The Filecoin Virtual Machine (FVM), launched 100 days ago, has led to a proliferation of smart contracts and DApps, significantly expanding Filecoin’s community and enhancing the open data economy.
- The FVM, with its capabilities and compatibility with the Ethereum Virtual Machine, has attracted a robust community of developers, giving rise to more than 1,200 unique smart contracts and DApps.
March 14, 2023, marked a pivotal moment in Filecoin’s trajectory as the launch of the Filecoin Virtual Machine (FVM) transformed it into a programmable platform. Since then, Filecoin, touted as the largest open-access cloud service, has accelerated the growth of the open data economy.
1/ Today we celebrate 100 days of FVM! 🎉
On 3.14.23 the first programmable runtime launched on the Filecoin Virtual Machine (FVM), solidifying Filecoin as the L1 positioned to power the open data economy. You won’t believe what has happened in 100 days! https://t.co/45xH0ZrRyO pic.twitter.com/zCoY9wIzUz
— Filecoin News (@Filecoin) June 22, 2023
The FVM’s introduction ignited anticipation among the community, heralding the possibility of migrating substantial activities of the Filecoin economy on-chain. This novel infrastructure was aimed to expedite the realization of the Filecoin Master Plan’s objectives.
One of the primary purposes of the FVM was to facilitate and streamline the onboarding and management of datasets onto Filecoin’s vast decentralized cloud storage network. Now, 100 days post-launch, smart contracts can independently negotiate and bundle storage deals, thereby automating the process of connecting storage clients with the most suitable storage provider.
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Furthermore, the FVM has promoted transparency across the network by enabling the construction of discovery and reputation services on the Filecoin blockchain. Several Filecoin block explorers have commenced integrating their dashboards with data extracted straight from the blockchain, thereby verifying smart contracts and enhancing trust within the network.
The FVM has been instrumental in fostering leasing and borrowing of FIL, Filecoin’s native token, crucial for storage providers to commit to, expand, and secure the network. Numerous leading cryptocurrency exchanges rapidly adopted support for FVM wallet address compatibility. This move has facilitated interaction between network participants and FVM dApps, as well as widely used tools such as Metamask.
To put it into perspective, over 82,000 unique wallets have engaged with FVM since its inception, with decentralized financial services on the Filecoin network witnessing a sharp growth of 140% MoM in Total Value Locked (TVL), now standing close to 4.5M FIL.
The FVM’s seamless compatibility with the Ethereum Virtual Machine has enabled developers to deploy their solutions rapidly on the Filecoin blockchain, sparking further interest in hackathons. The launch of the FVM has also facilitated the inception of numerous decentralized applications spanning multiple categories, resulting in an upsurge of entrepreneurial activity.
As Filecoin forges ahead, we can anticipate that the focus will remain on enhancing the user experience for FVM dApp users and developers. The goal is to democratize storage on Filecoin and FVM, allowing builders to upload small pieces of data via their DApps and smart contracts, thus fostering a truly trustless aggregation on Filecoin. As Filecoin continues to shape the open data economy, it will undoubtedly reinforce the infrastructure that is poised to revolutionize the web3 landscape.
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