Avalanche has released a new network update with several upgrades
AVAX volume was up last week, but sales were down
Avalanche [AVAX] released its latest network update on Dec. 10, which brought several upgrades to the blockchain. The new update, called Banff 4, came with new network optimizations to reduce node bandwidth usage and prepare for the launch of cross-subnet messaging.
This version (v1.9.4) is backwards compatible with v1.9.0. Although it is optional, the developers have recommended that users download it.
Upgrade to Banff 4 for new network optimizations that reduce your node’s bandwidth usage and prepare for the launch of cross-subnet messaging.
These upgrades are part of an ongoing effort to make Avalanche more efficient and less expensive to run. https://t.co/EgGyaQo0j6
— Avalanche 🔺 (@avalancheavax) December 10, 2022
Read Avalanche [AVAX] Price prediction 2023-2024
Avalanche had an interesting week
AVAX Daily, a popular Twitter handle that posts about the latest developments in the Avalanche ecosystem, recently released the network’s weekly stats. These stats pointed to some interesting data points.
For example, AVAX posted double-digit growth in volume last week. This was a positive development. According to the tweet, the volume of the coin has increased by more than 14%. However, despite the upswing, AVAX sales fell by 5%.
🔺Avax NFT Weekly Highlights🔺
Market Cap: $54.36 million
— AVAX Daily 🔺 (@AVAXDaily) December 9, 2022
Avalanche’s weekly chart performance was also not up to par as it registered negative gains. From CoinMarketCap, at press time, AVAX was trading at $13.44 with a market cap of over $4.1 billion. A look at AVAX’s on-chain metrics gave a better understanding of what went wrong last week.
Were statistics to blame?
Surprisingly, Santiment’s chart revealed that despite massive volume gains, AVAX’s volume was consistently down over the past week. Not only that, AVAX also declined in popularity as its social dominance also declined.
However, AVAX‘s development activity has increased, but this can be attributed to the latest update. This was a positive development as it reflected the developers’ increased efforts to improve the blockchain.
Avalanche also received quite a bit of interest from the derivatives market as Binance funding rates moved up after falling on December 8, 2022.
This post Avalanche Releases New Banff4 Update; analyzing the effects on AVAX
was published first on https://ambcrypto.com/avalanche-releases-new-banff4-update-analyzing-the-effects-on-avax/