- Avalanche announced a network upgrade that included several improvements
- AVAX’s volume went up last week, but sales declined
Avalanche [AVAX] On December 10, the latest network update was released. It included several improvements to the blockchain. The new update, named Banff 4, came with new network optimizations to reduce the node’s bandwidth usage and prepare for the launch of cross-subnet messaging.
This version (v1.9.4) can be used backwards with v1.9.0. It is recommended by the developers, even though it is not required.
Upgrade to Banff 4 for new network optimizations that will reduce your node’s bandwidth usage & prepare it for the launch of cross-Subnet messaging.
These upgrades are part of a continuous effort in making Avalanche more efficient & cheaper to operate. https://t.co/EgGyaQo0j6
— Avalanche 🔺 (@avalancheavax) December 10, 2022
Read Avalanche’s [AVAX] Prediction of Price 2023-2024
Avalanche had a very interesting week
AVAX Daily, a popular Twitter handle that posts about the latest developments in the Avalanche ecosystem, recently published the network’s weekly stats. These stats highlighted some interesting data points.
For example, AVAX It registered double-digit increases in volume during the week. This was a positive change. As per the tweet, the coin’s volume increased by over 14%. However, despite the uptick, AVAX’s sales went down by 5%.
🔺Avax NFT Weekly highlights🔺
MarketCap: $54,36M
Volume: $199,27K
Sales: 5038Overview🧵👇#AVAX #Avalanche $AVAX #NFT #GameFi pic.twitter.com/dmCwS7kvpA
— AVAX Daily 🔺 (@AVAXDaily) December 9, 2022
Avalanche’s weekly chart performance was also not up to par, as it registered negative gains. As per CoinMarketCapAVAX traded at $13.44 at press time with a market cap of more than $4.1 billion. A look at AVAX’s on-chain metrics gave a better understanding of what went wrong last week.
Did metrics play a role?
Surprisingly, Santiment’s chart revealed that despite massive gains in volume, AVAX’s volume consistently decreased over the last week. AVAX’s popularity also declined, as its social dominance decreased.
Source: Santiment
However, AVAX’s development activity increased, but this can be attributed to the latest update. This was a positive development because it reflected the developers’ increased efforts to improve the blockchain.
Avalanche also attracted a lot of interest from the derivatives markets as its Binance funding rates increased after experiencing a decline in 8 December 2022.
Source: Santiment