Filecoin (FIL) Outshines Major Ethereum Killers With 16% Jump, Here’s Reason

Filecoin (FIL) is in the limelight today, a time when most of its peers are paring off their gains. Per data from CoinMarketCap at the time of writing, the price of Filecoin is changing hands for $7.57, up by 16.49% in the past 24 hours. For Filecoin, whose growth has been erratic over the past year, this ongoing rally is a validation and has pushed the growth to more than 39% for the month.

Filecoin has always been innovating, but this current upsurge is a function of the boost it got from the validation from Anatoly Yakovenko, the cofounder of the Solana protocol. In a post on X, Yakovenko told his more than 313,600 followers that some of the “original archiver design for Solana was based on some of the proofs from Filecoin’s original white paper.”

Little remembered fact, but the original archiver design for @solana was based on some of the proofs from @filecoin’s original white paper. But filecoin and other folks were making so much progress on both r&d and implementation that it seemed like a duplicate effort to do our…

— toly 🇺🇸 (@aeyakovenko) February 19, 2024

He further acknowledged that Filecoin’s technology was so advanced that developing a new archive design for Solana might have seemed to be a duplicate at the time. This validation helped reposition Filecoin as a major decentralized cloud storage protocol in the space.

Filecoin occupies a unique niche in the market, one that has driven its growth over the past few months.

Filecoin and broad industry linkup

This comment from Anatoly Yakovenko comes on the back of the integration between both protocols, as reported earlier by U.Today. Filecoin integrated Solana to increase accessibility to its data services.

Beyond Solana, Filecoin has been doing all it can to open its doors to different protocols, including the Ethereum blockchain. Filecoin launched its EVM compatibility engine last year, dubbed Filecoin Virtual Machine (FVM), as it seeks to enable developers to create applications that can connect with the industry’s largest public network.

Filecoin still has a lot of growth to chart, seeing as it is reasonably below its all-time high (ATH) of $237.24. However, the ongoing rally might be the major trigger needed to chart the growth.

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