Band Protocol price popped to the highest level since August 16 after the developers announced plans for the next upgrade. The coin rose to a high of $1.72, which was the highest level since August 17. It jumped by more than 76% from the lowest level this year.
Why is BAND soaring?
Band Protocol is a Chainlink competitor that provides oracle solutions to a number of blockchain projects. Some of the top projects using the platform are Injective, Loopring, KyberSwap, Homora, and CREAM Finance. Injective has a total market dominance of about 17.30%.
According to DeFi Llama, Band Protocol has a total value secured (TVS) of more than $808 million. This makes it the sixth biggest oracle network after Chainlink, Maker. WINKLink, TWAP, and Pyth.
In the past few months, the oracle industry has struggled as challenges in the DeFi industry remain. Most providers have seen their TVS crash by billions of dollars. In its peak, Band Protocol had a TVS of more than $5 billion. Chainlink, which had a TVS of $60 billion has dropped to about $30 billion.
Band Protocol price made a strong recovery after the developers announced a new upgrade to its ecosystem. It will happen on November 21st of this year.
🎉 BandChain mainnet upgrade to V2.4. proposal is live!
🗳️ To vote: https://t.co/zE1yhCXMK0
👉 More Details: https://t.co/DJHygzksw2
⏰ Voting Deadline: Nov 17th, 22
.$band #bandchain pic.twitter.com/a93l4Q0oRF
— Band Protocol (@BandProtocol) November 3, 2022
Band Protocol’s BandChain will upgrade to v2.4. It will have three key features. First, it will increase the MaxGas per block to 50M Gas. Second, it will increase 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 process for this upgrade. At the time of writing, 10 voters have already cast their votes, with all of them being positive. Therefore BAND price is soaring as investors wait for the new transition.
Band’s upgrade is one of the top cryptocurrency news of this month. Others are the upgrade of the Cosmos ecosystem and Theta’s hard fork.
Band Protocol price
The daily chart shows that the BAND price has been in a tight range in the past few days. It remains more than 50% from the highest point this year. The coin rose above the important resistance level at $1.20, which was the lowest level at July 13.
Band Protocol price rose above the descending channel shown in green. It also rose above the 25-day and 50-day moving averages. Therefore, there is a likelihood that the coin will rise to a high of $2.11, which was its highest point on June 28.