Band Protocol price popped to the best degree 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 degree since August 17. It jumped by greater than 76% from the bottom degree this yr.
Why is BAND hovering?
Band Protocol is a Chainlink competitor that gives oracle solutions to a quantity of blockchain tasks. Some of the highest tasks utilizing the platform are Injective, Loopring, KyberSwap, Homora, and CREAM Finance. Injective has a whole market dominance of about 17.30%.
According to DeFi Llama, Band Protocol has a whole worth secured (TVS) of greater than $808 million. This makes it the sixth largest oracle community after Chainlink, Maker. WINKLink, TWAP, and Pyth.
In the previous few months, the oracle trade has struggled as challenges within the DeFi trade 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 $30 billion.
Band Protocol price made a sturdy restoration after the builders introduced a new improve to its ecosystem. It will occur on November twenty first of this yr.
???? BandChain mainnet improve to V2.4. proposal is dwell!
????️ To vote: https://t.co/zE1yhCXMK0
???? More Details: https://t.co/DJHygzksw2
⏰ Voting Deadline: Nov seventeenth, 22
.$band #bandchain pic.twitter.com/a93l4Q0oRF— Band Protocol (@BandProtocol) November 3, 2022
Band Protocol’s BandChain will improve to v2.4. It could have three key options. First, it will improve the MaxGas per block to 50M Gas. Second, it will improve the throughput for oracle module by ~10x from optimising owasm runtime. Finally, it will bump cosmos sdk TO V0.45.10 and ibc-go to v3.3.1.
Band Protocol unveiled the voting course of for this improve. At the time of writing, 10 voters have already solid their votes, with all of them being constructive. Therefore BAND price is hovering as traders anticipate the brand new transition.
Band’s improve is one of the highest cryptocurrency news of this month. Others are the improve of the Cosmos ecosystem and Theta’s exhausting fork.
Band Protocol price
The day by day chart reveals that the BAND price has been in a tight vary prior to now few days. It stays greater than 50% from the best level this yr. The coin rose above the vital resistance degree at $1.20, which was the bottom degree at July 13.
Band Protocol price rose above the descending channel proven in inexperienced. It additionally rose above the 25-day and 50-day shifting averages. Therefore, there may be a chance that the coin will rise to a excessive of $2.11, which was its highest level on June 28.
