A new network upgrade sends Avalanche (AVAX) up 15%, here’s why

Avalanche (AVAX), a proof-of-stake (PoS) Layer 1 blockchain protocol, has seen its price jump by 15.33% to $21.93 as of writing, building on January’s positive close. The growth is likely due to the release of a new protocol update that makes validators’ lives easier.

As a result of the new update, dubbed Banff 8, Patrick O’Grady, Ava Labs’ head of engineering, has optimized support for previous versions of clients, enhanced peer-to-peer (P2P) network interaction, and enhanced P-Chain validator look-up functionality.

Avalanche’s latest updates may seem more technical and only appeal to developers, but the ease of operations they tend to get will enhance the overall user experience.

As other competing chains innovate around the clock, the Banff 8 update can make the difference for Avalanche in the race to become the foremost Ethereum killer protocol. Developers are likely to gravitate toward a protocol that prioritizes its developer community, and Avalanche has proven to be at the forefront of this trend.

Avalanche of contenders for relevance

In terms of time to finality, Avalanche is regarded as the fastest Layer 1 protocol. The protocol has established itself as one of the best hubs for smart contracts and non-fungible tokens since its inception (NFTs). According to an earlier report by U.Today, the magical pixel RPG game Portal Fantasy was released earlier this week on Avalanche.

Avalanche recorded a 97.4% increase in January for its expansion and targeted ecosystem growth, and according to the current outlook, AVAX may be on track to surpass its 90-day high of $22.37 before the end of the week. This expansion is supported by ecosystem fundamentals as well as broader market sentiment.

Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex Exchange.