As FVM mainnet approches can Filecoin maintain its momentum

Filecoin FIL witnessed a raise in its prices as more people and businesses have to use the system to store their data. This has led to a further increase in its supply and demand which ultimately generated higher revenue for FIL.

Filecoin is a storage system that allows users to store their data in a secure decentralized system. Several people and computers working together control the network. The payments users make for storing their data on the platform, help generate revenue for the platform.

According to the cryptocurrency data library, Messari, Filecoin’s revenue and supply storage space has greatly contributed to improving the overall network performance. In addition over the past year, the amount of data being stored on the network has increased by 1755.7%. on a Year-on-Year basis.

However, despite the availability of more storage space on the network, the question arises can the Filecoin FIL maintain its momentum as the FVM Filecoin Virtual Machine mainnet approaches?

Can FVM change the storage capability of Filecoin?

Filecoin hit an important milestone recently with the launch of the Filecoin Virtual Machine (FVM). With this upgrade, the user will be able to develop smart contracts on top of the Filecoin network. Which could also lead to further adoption and growth of the network. The user will be able to access an open-data economy and make Filecoin fully compatible with Ethereum’s Virtual Machine (EVM).

This entire process will ultimately make it easier to launch the ERC-20 token on the FIL network. this will further improve the storage capabilities of the network by allowing users to replicate and repair the blockchain’s defects.

Despite the overall hype and potential of an improved network, the sentiment towards the Filecoin system has not reached its peak. The data from Santiment shows that the current weighted sentiment is -0.335. this value indicates that there have been more negative approaches toward the network rather than positive ones. It is an analysis based on a large number of messages and social media posts.

This metric indicates the percentage of discussion going on around specific crypto in comparison to other cryptocurrencies. Thus the lower percentage of Filecoin suggests that it is not receiving as much attention.