Filecoin (FIL) Price is Back in the Green as the Network Prepares for the Waffle Upgrade

The leading DePIN token surged 10% to exchange hands at $4.56 amid a trend reversal triggered by news of a network update called Waffle.

Filecoin price encountered a bid zone on Monday, quickly bouncing off the support level to begin a bullish ascent. This move follows a downtrend that began in early 2023, leading to a loss of over 50% in market value.

However, a recent network update announcement and a strategic partnership seem to have triggered a price reversal. At the time of writing, FIL price showed a 10% gain.

Filecoin price set for a breakout as key network updates emerge. Filecoin price displayed a strong bullish bias in lower timeframes, evidenced by several consecutive bullish candles. This signaled a potential uptrend in the making.

The DEP token fiyatı showed a 10% surge to trade at $4.56, as the market price recovered from a low of $4.13 on August 4, indicating a swift trend reversal.

The 24-hour trading volume picked up to $138 million, showing a 6% increase, while the total market capitalization stood at $2.6 billion.

Filecoin Waffle Upgrade In the works

Filecoin recently announced a new mainnet network update, codenamed Waffle, scheduled to launch on August 6, 2024. This update will introduce several key improvements to the Filecoin network, aimed at enhancing performance and unlocking new capabilities.

According to a blog post on the update, the main updates are included in Filecoin Improvement Proposals (FIPs) in NV23, such as the launch of FIP-00068, which enables F3 testing on the mainnet. It also sets the stage for fast finality in future upgrades, potentially culminating in a holistic rollout in nv24.

The Waffle update also includes support for Legacy Ethereum Transactions in FIP-91. Filecoin developers will be adding support for Homestead and EIP-155 Ether transactions, ensuring compatibility with other Ethereum tools and wallets.

The final update, under FIP-0092, introduces non-interactive proof of replication. Here, the network will implement several changes to the sector sealing process, separating sealing from storage to allow for independent execution.

These improvements collectively aim to enhance Filecoin's performance, integrate it further into the broader ecosystem, and create a faster, more efficient network.

“This upgrade will expand Filecoin's capabilities, efficiency, and integration with the broader blockchain ecosystem!” stated Filecoin in the blog post.

In other news, Filecoin has announced a new strategic partnership with SingularityNET to transform AI data storage, enabling "secure and verifiable model training."

Filecoin is emerging as the go-to DePIN project for AI projects, such as Bagel and Nuklai, to enhance AI development, highlighting the network's growing influence in the AI and blockchain sectors.

“These collaborations aim to transform AI data storage by leveraging Filecoin's robust decentralized network to enhance AI development, highlighting the network's growing influence in the AI and blockchain sectors,” added the statement.

The above is the detailed content of Filecoin (FIL) Price is Back in the Green as the Network Prepares for the Waffle Upgrade. For more information, please follow other related articles on the PHP Chinese website!