- Avalanche has released a new network update that has brought several upgrades
- AVAX volume increased last week, but sales fell
Avalanche [AVAX] It released its latest network update on December 10, which led to several upgrades to the blockchain. The new update, called Banff 4, brings new network optimizations to reduce node bandwidth usage and prepare for multi-subnet message firing.
This version (v1.9.4) is backward compatible with v1.9.0. Although it is optional, the developers have recommended that users download it.
Upgrade to Banff 4 to get new network enhancements that reduce node bandwidth usage and prepare it to fire messages across multiple subnets.
These upgrades are part of an ongoing effort to make Avalanche more efficient and cheaper to use. https://t.co/EgGyaQo0j6
– Avalanche 🔺 (avalancheavax) December 10, 2022
Read avalanches [AVAX] predict the price 2023-2024
Avalanche had a fun week
AVAX Daily, a popular Twitter wizard that posts about the latest developments in the Avalanche ecosystem, recently published the network’s weekly stats. These stats pointed to some interesting data points.
for example, afax It has doubled in size over the past week. This was a positive development. According to the tweet, the volume of the coin has increased by more than 14%. But despite the rally, AVAX sales fell 5%.
Highlights of Avax NFT Weekly
Market value: $54.36 million
Volume: 199.27 thousand dollars
– Avax Daily 🔺 (AVAXDaily) December 9, 2022
The Avalanche’s weekly chart also didn’t perform quite as well, posting negative gains. according to CoinMarketCapAt the time of writing, AVAX was trading at $13.44 with a market capitalization of over $4.1 billion. A look at AVAX’s on-chain metrics provided a better understanding of what went wrong last week.
Are the metrics to blame?
Surprisingly, the Santiment chart revealed that despite huge gains in volume, AVAX volume has fallen steadily over the past week. Not only that, AVAX’s popularity has also declined, as its social dominance has decreased as well.
anyways, afaxDevelopment activity has increased, but that can be attributed to the recent update. This was a positive development as it reflects the developers’ increasing efforts to improve the blockchain.
Avalanche also got some interest from the derivatives market as Binance funded higher after posting a decline on December 8, 2022.