Filecoin Price Nosedived 7% to $3.2 Amid the Market Correction, NV23 Upgrade Scheduled for August 2024

Filecoin price fell 7% to $3.2 on Monday amid the broader market correction. Over the past 24 hours, the cryptocurrency market has seen total

Filecoin price encountered a further decline on Monday, as the cryptocurrency continued to trade within a bearish trend. Following a downturn that began on March 12, FIL has lost close to 30% of its value.

Filecoin Price Drops 7% on Monday

Filecoin price fell by 7% on Monday, with the cryptocurrency now trading at $3.2. This continues a downturn that started on March 12, and has seen FIL lose close to 30% in value.

The downturn comes amid a broader sell-off in the cryptocurrency market, with total liquidations hitting $1.23 billion over the past 24 hours, based on data from CoinGlass. Despite some easing in selling pressure during U.S. market hours, the bearish sentiment remained strong for most major coins.

Filecoin is now down by 88% from its all-time high of $24.19, which was achieved in April 2022. However, the cryptocurrency has shown some resilience compared to others, with Filecoin up by 103% year-to-date.

Filecoin to Enhance Network Capabilities with NV23

Filecoin is set to enhance its network capabilities with Network Version 23 (NV23), also known as “Waffle,” which is scheduled to go live on Mainnet on August 6, 2024. This upgrade will introduce several key features to improve performance and expand functionalities.

According to a blog post on the Waffle upgrade, one of the main highlights of NV23 is the soft launch of Fast Finality under FIP-00086, which initiates the passive testing of F3 on the Mainnet, paving the way for potential future updates such as NV24.

Moreover, NV23 will add support for legacy Ethereum transactions, such as Homestead and EIP-155, with FIP-00091. This integration will make the network compatible with tools and wallets that support Ethereum, enabling easier onboarding for ETH users as they traverse the blockchain space.

Furthermore, a Non-Interactive Proof of Replication will be introduced with FIP-00092. This decouples sealing activities from storage tasks, allowing them to run independently to reduce operation costs and giving storage providers more control over scheduling their sectors for window post deadlines.

In summary, the NV23 update showcases Filecoin's continuous efforts in advancing innovation and efficiency, aiming to enhance the utility and connectivity of its blockchain solutions.

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