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- The launch of Sushi (SUSHI) on the Filecoin network is expected to significantly improve the data storage blockchain that has obtained the majority of its total value locked (TVL) from liquid staking protocols like GLIF, STFIL, and SFT Protocol.
- Amid the FIL price spike, its daily average traded volume has gained about 89 percent in the past 24 hours to hover around $464 million on Monday and a market cap of about $2.6 billion.
Amid the ongoing slow altcoin breakout, the Filecoin (FIL) network, a decentralized storage system that has grown through the 2022 crypto bear market, closed above a crucial resistance level, around $5, over the weekend to ensure a continued uptrend in the coming weeks.
Trading around $5.44 on Monday, up approximately 13 percent in the past 24 hours, FIL bulls are well incentivized to reach the next major resistance zone between $9.2 and $11.34 before the year ends.
Moreover, the Filecoin network has received a major boost after a veteran decentralized exchange, Sushi (SUSHI), with over $407 million in total value locked, integrated to further democratize the former’s liquidity.
The integration of Sushi and Filecoin introduces the former’s version 2 and version 3 automated market makers (AMM) geared towards improving the FIL liquidity pools. Meanwhile, FIL holders can now seamlessly transfer assets between different chains through the SushiXSwap which integrates over 30 different networks with secure yet scalable smart contracts.
To commemorate the partnership between the two web3-focused projects, a limited NFT giveaway dubbed Filecoin x Sushi Bomb Diggity was introduced on Ethereum’s scaling solution Arbitrum as part of the Sushi Multi-Chain Feast campaign.
Closer Look at Filecoin Network and the Market Outlook
The Filecoin community has grown to a vibrant ecosystem and will be meeting up at different developer conferences including the DevConnect event in Istanbul, Turkey, on Tuesday, November 14 dubbed Filecoin Day. During LabWeek23, the Filecoin team expects to educate the community on ZK Proofs, decentralized storage, artificial intelligence, compute over data, and the future of the Filecoin network amid the mainstream adoption of web3 and digital assets.
https://twitter.com/filecoin/status/1723667890988101851?s=46&t=N7V6Fel_twraTItVzTangQ
Meanwhile, the Filecoin network continues to provide seamless decentralized storage with over 91k wallets created during its 100 days of introducing the Filecoin Virtual Machine. Moreover, the Filecoin Virtual Machine is fully compatible with the Ethereum Virtual Machine thus enabling Filecoin Decentralized application developers to build scalable projects in a secure environment.
Notably, the Filecoin network takes pride in offering the largest decentralized cloud storage network in the world more than 12 million TB, which is offered at competitive rates.
As the Filecoin developers continue to build a robust infrastructure for decentralized data storage, the FIL network continues to gain the attention of crypto traders. As of reporting, the FIL coin had an average 24-hour trading volume of about $495 million and a liquidity of more than $1.3 million in WETH and WBNB, among other DeFi protocols.
