AVAX is in hostile conditions, technical updates will come to the rescue

  • Avalanche made technological advances for its endorsers.
  • However, the weighted sentiment against the avalanche remained negative and TVL continued to decline.

In a tweet posted Dec. 8, the official handle of Avalanche [AVAX] It states that it has improved its technology for auditors to benefit from. The platform will launch new Banff 4 technology to drive bandwidth optimizations for existing validators.


Read avalanches [AVAX] predict the price 2023-24


Crypto Avalanche Winter Getting Worse?

Despite the continuous improvements in Avalanches, stakers on the platform are down 28.03% in the last 30 days. At the time of writing, there are 43,000 actors on the Avalanche Network, according to data from Betting bonuses.

Source: Staking Rewards

Notably, Avalanche has been a huge success in the DeFi space.

As can be seen in the image below, TVL Avalanche has decreased significantly in recent months. In addition, TVL is down 3.36% over the past 24 hours, and the total value locked, at the time of writing, is $845.64 million.

Avalanche can’t generate enough charges either. according to token terminalFees collected by Avalanche have decreased by 20.6% in the last 30 days.

Source: Defillama

NFTs fueled the meltdown

In fact, the network has not been doing so well in the NFT sector, with the value of major NFT pools dropping significantly over the past month. Along with that, the number of NFTs minted on the network as well to reject.

Source: AVAX NFT STATS

In addition, the number of daily users of Avalanche has decreased in recent months. Well, surprisinglyThe number of transactions made on the network also decreased, from $2.07 million to $1.9 million Last month.

Source: avax.stats

The size of the avalanche suffered as a result of its reduced activity. It increased from 770 million to 110 million in one month.

Besides, the general sentiment of the cryptocurrency community towards Avalanche remained largely negative. Thus, it suggests that the cryptocurrency community has more negative things than positive things to say about AVAX.

Source: feeling

However, it remains to be seen if Avalanche’s technological advancements will help the network in the near future.

At the time of publication, AVAX is trading at $13.17. Its price had fallen by 0.16% in the past day.

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