- Filecoin’s native cryptocurrency FIL has surged by 16%, following its integration with the Sushi decentralized exchange (DEX).
- This integration marks the first instance of a DEX operating on the Filecoin network, potentially heralding further growth for FIL.
Filecoin’s native cryptocurrency, FIL, has witnessed a remarkable surge, gaining 16% in the last 24 hours and reaching $5.5. This uptick is part of a broader trend, with FIL’s weekly gains exceeding 32% and monthly gains nearing 70%.
Technical Breakout Fuels FIL’s Rally
The recent rally in FIL’s price can be attributed to a significant technical breakout on the charts, signaling the potential for further price increases. According to popular trader Naemrr, FIL has recently surpassed the golden pocket level in a weekly Fibonacci analysis. The golden pocket represents a crucial Fibonacci retracement zone, typically indicating a major shift in price action. This development suggests that the FIL price rally could potentially extend up to $10.
Sushi DEX Integration: A Game Changer for Filecoin
A pivotal factor contributing to this price action is the integration of Sushi, a leading decentralized exchange, onto the Filecoin blockchain. This marks a significant milestone as it’s the first time a DEX is operational on Filecoin, the world’s largest decentralized storage network.
The integration entails launching Sushi’s version 2 and version 3 automated market makers (AMMs) with concentrated liquidity pools on the Filecoin network. This feature allows for direct trading and liquidity provision on the platform. Additionally, Sushi’s cross-chain swap feature, SushiXSwap, now extends to Filecoin. It enables users to seamlessly swap tokens across Filecoin and over 30 other networks, enhancing the user experience without the need for bridging or native Filecoin tokens.
This collaboration not only cements Sushi’s position in the multi-chain and cross-chain arena but also invites users and developers to delve into Filecoin‘s decentralized storage functionalities. The integration was facilitated by Laconic.com, which provided crucial subgraph index hosting services.
In celebration of this milestone, a limited edition NFT, the
“Filecoin x Sushi Bomb Diggity NFT,”
is being introduced as part of the
“Sushi Multi-Chain Feast”
Campaign. Despite Filecoin’s current non-integration with Galxe, the NFT is minted on the Arbitrum network, commemorating this groundbreaking partnership. It is available to participants who complete specific tasks.
The integration of Sushi DEX with Filecoin and the subsequent surge in FIL’s price not only reflect the growing confidence in Filecoin’s technology but also underscore the increasing synergies between decentralized storage solutions and decentralized financial platforms. This development could pave the way for more innovative use cases and collaborations within the blockchain ecosystem, potentially driving further growth for FIL and enhancing Filecoin’s utility.