Filecoin Shines Bright Among Ethereum Killers With 16% Jump: Here’s Why

While most major “Ethereum killers” are cooling off, Filecoin (FIL) is basking in the spotlight with a remarkable 16.49% surge in the past 24 hours (as of writing). This rally, pushing its monthly growth to over 39%, validates Filecoin’s potential despite its erratic performance over the past year.

This upsurge can be attributed to a significant boost: a public endorsement from none other than Anatoly Yakovenko, co-founder of the Solana protocol. In a tweet to his massive following, Yakovenko revealed that “some of the original archiver design for Solana was based on some of the proofs from Filecoin’s original white paper.”

He further acknowledged that Filecoin’s pioneering work might have made developing a separate archive design for Solana redundant at the time. This unexpected praise served to reposition Filecoin as a major player in the decentralized cloud storage arena.

But Filecoin’s unique market niche is also a strong driver of its recent growth. Beyond Yakovenko’s praise, the protocol’s ongoing collaborations with other key industry players are fueling its upward trajectory.

As reported earlier, Filecoin integrated with Solana to improve accessibility to its data services. This is just one example of their expanding interoperability. Moreover, Filecoin launched its EVM compatibility engine, Filecoin Virtual Machine (FVM), last year, aiming to attract developers by enabling them to build applications connecting with the Ethereum network.

While still far from its all-time high of $237.24, Filecoin’s current momentum could just be the spark it needs to ignite significant long-term growth.