Band Protocol worth popped to the best stage since August 16 after the builders introduced plans for the following improve. The coin rose to a excessive of $1.72, which was the best stage since August 17. It jumped by greater than 76% from the bottom stage this yr.
Why is BAND hovering?
Band Protocol is a Chainlink competitor that gives oracle solutions to a variety of blockchain initiatives. A few of the prime initiatives utilizing the platform are Injective, Loopring, KyberSwap, Homora, and CREAM Finance. Injective has a complete market dominance of about 17.30%.
In response to DeFi Llama, Band Protocol has a complete worth secured (TVS) of greater than $808 million. This makes it the sixth greatest oracle community after Chainlink, Maker. WINKLink, TWAP, and Pyth.
Up to now few months, the oracle business has struggled as challenges within the DeFi business stay. Most suppliers have seen their TVS crash by billions of {dollars}. In its peak, Band Protocol had a TVS of greater than $5 billion. Chainlink, which had a TVS of $60 billion has dropped to about $30 billion.
Band Protocol worth made a powerful restoration after the builders introduced a brand new improve to its ecosystem. It’ll occur on November twenty first of this yr.
🎉 BandChain mainnet improve to V2.4. proposal is reside!
🗳️ To vote: https://t.co/zE1yhCXMK0
👉 Extra Particulars: https://t.co/DJHygzksw2
⏰ Voting Deadline: Nov seventeenth, 22
.$band #bandchain pic.twitter.com/a93l4Q0oRF— Band Protocol (@BandProtocol) November 3, 2022
Band Protocol’s BandChain will improve to v2.4. It’ll have three key options. First, it would enhance the MaxGas per block to 50M Fuel. Second, it would enhance the throughput for oracle module by ~10x from optimising owasm runtime. Lastly, it would bump cosmos sdk TO V0.45.10 and ibc-go to v3.3.1.
Band Protocol unveiled the voting course of for this improve. On the time of writing, 10 voters have already solid their votes, with all of them being optimistic. Subsequently BAND worth is hovering as buyers look ahead to the brand new transition.
Band’s improve is without doubt one of the prime cryptocurrency news of this month. Others are the improve of the Cosmos ecosystem and Theta’s arduous fork.
Band Protocol worth
The each day chart exhibits that the BAND worth has been in a decent vary prior to now few days. It stays greater than 50% from the best level this yr. The coin rose above the vital resistance stage at $1.20, which was the bottom stage at July 13.
Band Protocol worth rose above the descending channel proven in inexperienced. It additionally rose above the 25-day and 50-day shifting averages. Subsequently, there’s a probability that the coin will rise to a excessive of $2.11, which was its highest level on June 28.