Solana integrates with Filecoin to boost scalability, FIL price gains over 7%

  • Solana announced its integration with Filecoin to leverage the latter’s decentralized storage capabilities. 
  • The Filecoin integration is a key milestone for Solana as it boosts the network’s decentralization and increases reliability. 
  • FIL price climbed over 7% on Saturday, to $6.19. 

Solana, an Ethereum alternative, announced its integration with Filecoin. This move helped Solana enhance its scalability and further decentralize for the benefit of its users and developers in the ecosystem. 

FIL price rallied 7% on the day.

Also read: Ethereum ETF race intensifies with ARK/21Shares and VanEck’s revised filings

Solana Filecoin integration catalyzes FIL price gains

One of the key critiques of the Solana network has been the centralized storage solutions. SOL’s integration with Filecoin moves the network away from the same, while increasing the reliability and scalability of the Solana blockchain. 

Utilizing Filecoin makes Solana’s block history more accessible for users, explorers, indexers or developers. This is done by leveraging Filecoin’s decentralized storage capabilities. Solana’s objective is to achieve data redundancy, scalability and enhance its blockchain’s security, while boosting decentralization.

The collaboration between Solana and Filecoin is therefore a key milestone for SOL’s development and it shows how FIL can be used to create a resilient ecosystem for developer and users benefits. 

FIL price rallies in response to the Solana Filecoin integration

Filecoin price rallied 7% on Saturday, alongside the announcement of the Solana Filecoin integration. FIL price climbed to $6.23, yielding nearly 14% weekly gains for traders. FIL price could rally to its January 11 peak of $6.50 and march towards the 2024 high of $8.12.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis