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Avalanche (AVAX) Jumps 15% as New Network Upgrade Is Released, Here's What Has Changed

Thu, 02/02/2023 - 09:55
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Godfrey Benjamin
Avalanche price is responding to newly released Banff 8 update
Avalanche (AVAX) Jumps 15% as New Network Upgrade Is Released, Here's What Has Changed
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Avalanche (AVAX), a proof-of-stake (PoS) Layer 1 blockchain protocol has seen its price jump by 15.33% to $21.93 at the time of writing, complementing the asset's positive close in January. The growth is likely predicated on the release of a new protocol update that directly makes life easier for validators.

According to Patrick O'Grady, the head of engineering at Ava Labs, the new update, dubbed Banff 8, has a direct influence on optimizing support for previous version clients, enhancing peer-2-peer (P2P) network interaction and bolstering the functionalities of the optimized P-Chain validator look-up.

While these latest updates sound more technical in nature and only appeal to developers working on the Avalanche network, the ease of operations they tend to get will bolster the overall user experience on the protocol.

The race to be the foremost Ethereum killer protocol is tightening, and with other competing chains innovating around the clock, this latest Banff 8 update can make the difference for Avalanche. Developers are poised to gravitate toward a protocol that places a premium on its community of developers, and Avalanche has proven to be at the forefront in this regard.

Avalanche competing for relevance

Avalanche is tagged as the fastest Layer 1 protocol in terms of time to finality. Since its inception, the protocol has represented itself as one of the best hubs for smart contracts and non-fungible tokens (NFTs). Per an earlier report by U.Today, the magical pixel RPG game Portal Fantasy launched on Avalanche earlier this week.

For its expansion and targeted ecosystem growth, Avalanche recorded growth of 97.4% in January, and per the current outlook, AVAX may be on track to beat its 90-day high of $22.37 before the end of the week. The ecosystem fundamentals as well as broader market sentiment support this growth.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.