Network enhancements underway on Binance, Elrond, and Filecoin Networks
In a recent announcement, Binance, the world's largest global cryptocurrency exchange, has expressed its support for the network upgrades of Elrond (EGLD) and Filecoin (FIL). The upgrades are scheduled to take place on July 6, 2023, and will lead to a temporary suspension of deposits and withdrawals for both EGLD and FIL tokens on Binance.
The network upgrades for both Elrond and Filecoin are aimed at addressing shortcomings and bugs in the structure of their respective platforms. For Filecoin, the upgrades include storage expansion, cross-chain functionality, and developer access improvements, which have been strengthening its ecosystem and positively impacting its price trend.
Filecoin's 2025 Network Upgrades
The upcoming network upgrades in 2025 for Filecoin are expected to further enhance its scalability, interoperability, and developer-friendliness. These upgrades include:
- Expansion of the storage network to increase capacity and efficiency, making the platform more attractive to users and developers.
- Cross-chain functionality integration with Ethereum, Solana, Cosmos, and inclusion in Circle's Cross-Chain Transfer Protocol (CCTP), enabling FIL tokens and tokenized storage receipts to move seamlessly across blockchains.
- Introduction of zk-privacy modules and enhanced data verification methods, contributing to trusted data management for AI projects and enterprises.
- Renewed partnership with Lava Network providing free, decentralized, high-availability public RPC endpoints for seamless developer interaction with Filecoin’s network, promoting innovation and adoption.
These technical upgrades, alongside growing adoption from AI research groups and decentralized finance (DeFi) projects utilizing FIL-backed stablecoins, position Filecoin as an increasingly cost-efficient alternative to traditional cloud storage.
Impact on Price Trend
Price forecasts suggest an average FIL market price around $2.97 in 2025, rising to $3.10 by 2027 and potentially reaching $10.21 by 2028 and $32.88 by 2031. The shift toward demand-driven growth with DePIN apps, AI integrations, Web2 and Web3 client adoption, and verified storage marketplaces supports sustainable price appreciation.
Binance's Support and Monitoring
Binance will reopen deposits and withdrawals for EGLD and FIL once the upgrades are incorporated successfully and regular operations are stable. The exchange will also monitor the technical needs of the Elrond and Filecoin projects to assist consumers holding EGLD and FIL tokens.
Binance has been actively involved in several advancement projects and previously collaborated with Khaby Lame, a TikTok influencer, as its brand ambassador to explain and educate topics related to blockchain.
It is important to note that the decline in Filecoin has been steadily witnessed since the later part of the recent year, associated with overwhelming volatility. However, the network upgrades and the positive impact they are expected to have on Filecoin's price trend could potentially reverse this decline.
For consumers holding EGLD or FIL tokens on Binance, the trading of these tokens will not be affected by the network upgrades. The temporary suspension of deposits and withdrawals for both EGLD and FIL tokens on Binance will begin from the date of the upgrade's incorporation.
[1] Filecoin Official Blog: [Link to the blog post] [2] Lava Network Official Blog: [Link to the blog post] [3] CoinMarketCap: [Link to the article] [4] Glassnode: [Link to the article]
- Binance, the world's largest global crypto exchange, has expressed its support for the upcoming network upgrades of Filecoin in 2025, which aim to further enhance scalability, interoperability, and developer-friendliness.
- The 2025 Filecoin network upgrades include storage network expansion, cross-chain functionality integration, introduction of zk-privacy modules, and renewed partnership with Lava Network for seamless developer interaction.
- These technical upgrades, alongside growing adoption from AI research groups and DeFi projects utilizing FIL-backed stablecoins, position Filecoin as an increasingly cost-efficient alternative to traditional cloud storage.
- Binance will reopen deposits and withdrawals for FIL once the upgrades are incorporated successfully, and will monitor the technical needs of the Filecoin project to assist consumers holding FIL tokens.
