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Filecoin’s FVM traction accelerates as DeFi TVL soars to record

By:
on Jun 26, 2023
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  • Filecoin Virtual Machine’s total value locked jumped to a record high.
  • Data show that the DeFi TVL jumped to an all-time high of 4.65 million FIL.
  • The number of wallets in the ecosystem has jumped to over 91k.

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Filecoin Virtual Machine (FVM) is gaining traction among developers a few months after it was unveiled. In a statement, the developers noted that the ecosystem had seen its DeFi ecosystem and the number of smart contracts jump. 

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The total value locked (TVL) in Filecoin’s ecosystem has grown rapidly and is now sitting at its all-time high of 4.65 million FIL. This TVL was almost zero a few months ago. The biggest contributors to this growth are STFIL, GLIF Pools Infinity, Filet Fiance, and SFT Protocol among others.

In dollar terms, Filecoin FVM, has a TVL of almost $20 million. While this pales in comparison to giants like Ethereum and Tron, it is a strong figure for a relatively new platform.

Filecoin has also made several integrations recently. It integrated with bridges like Axela, Celer, and more than 35 others. Like other blockchains, these integrations have been necessary for the ecosystem growth.

Other important metrics are the number of unique smart contracts interacting with the network are the 1,210 unique smart contracts and 91,000 wallets created. 

Filecoin Virtual Machine is a technology that makes it possible for developers to create dApps. It is compatible with Ethereum Virtual Machine (EVM). In a note, the developers said:

“FVM allows the Filecoin community to build discovery and reputation services on the Filecoin blockchain and increase the transparency of the network. Many of the Filecoin block explorers now augment their dashboards with data pulled directly from the Filecoin blockchain.”

Filecoin is one of the top blockchains in the world. It is disrupting the storage industry by making it possible for companies to store files in a decentralized manner. Earlier this year, as I wrote here, Filecoin introduced Filecoin Web Services (FWS), a product that has suites to help developers build high-performing computing solutions. FWS has some tools similar to those offered by Amazon Web Services (AWS) and Microsoft Azure.

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