Binance, the largest crypto exchange in terms of trade volume and users, has announced that it will support Filecoin’s (FIL) upcoming network upgrade and hard fork that will take place at epoch 2,383,680 estimated to occur on November 30th, 14:00 UTC. The exchange explained that it would suspend withdrawals at 13:00 UTC on the same day.
More On Filecoin’s v17 Shark Network Upgrade
The Filecoin Virtual Machine is being introduced to the network gradually. The latest Filecoin v17 upgrade, codenamed Shark, ‘delivers a wave of protocol refinements that will allow for useful smart contracts to be written using the FVM (e.g. programmable markets, lending contracts, etc.).’
The upgrade will highlight the following Filecoin Improvement Proposals.
- FIP0029 Beneficiary Address for Storage Providers – a step towards better lending market for SP
- FIP0034 Fix PreCommit Deposit Independent of Sector Content – resolves a significant weakening of Filecoin PoRep’s security guarantees
- FIP0041 Forward Compatibility for PreCommit – enables a cleaner and easier transition to Programmable Storage Markets
- FIP0044 Standard Message Authentication – enable metadata authentication for user-defined actor
- FIP0045 Decoupling Fil+ from Marketplace – DataCap and the QAP it brings is now associated with DATA. DataCap for the data many have terms where anyone who cares about that piece of data may extend the term, which incentives SPs to store the data longer on the network
– HUGE step towards user programmable storage market
– First Fungible Token Contract – Datacap Actor, on Filecoin! (fungible token standard, token contract library)
Filecoin (FIL) Could Retest Recent Low at $4
Concerning price action, Filecoin (FIL) remains in bear territory, trading below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages, as seen in the one-day chart below courtesy of Tradingview.
Also, from the chart, it can be seen that buying interest in Filecoin has reduced as its daily MFI, RSI, and MACD indicate weakness. Consequently, the digital asset could be setting up for a retest of its recent low of $4 or even lower, given the general uneasiness in the crypto markets due to the collapse of FTX.
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