Avalanche (AVAX) is going to improve its technology to benefit its validators. The platform would introduce new Banff 4 technology for existing validators to enhance bandwidth efficiencies, according to the tweet from Dec 7th.
Banff 4 adds bandwidth optimizations for existing validators and enables custom VMs to store data on disk, as well as setting the stage for exciting new features slated for Banff 5.
In addition to enabling custom VMs to store data on disk and adding bandwidth improvements for current validators, Banff 4 paves the way for exciting new capabilities planned for Banff 5.
Despite ongoing developments, Avalanche AVAX’s stake base decreased by 28.03% over the past 30 days. Staking Rewards data shows that 43 thousand of people were currently staking on the Avalanche network.
Additionally, AVAX’s TVL has substantially decreased during the past few months. In the previous 24 hours, its TVL fell by 3.36%, and as of the time of publication. The total value locked was $845.64 million.
Avalanche Not Doing Well Overall
The value of the top NFT collections declined steadily over the past month, indicating that the network fared poorly in the NFT sector. Additionally, the quantity of NFTs created on the network also decreased.
Furthermore, fewer people have used Avalanche daily for the past few months. Surprisingly, the volume of transactions also declined during the past month, going from $2.07 million to $1.9 million.
Because of its dwindling activity, Avalanche’s volume dropped, falling from $770 million to $110 million in a single month. Additionally, Avalanche continued receiving much criticism from the crypto community as a whole. I inferred that AVAX received more bad than good feedback from the crypto community.
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Avalanche’s technological breakthroughs will determine whether the network will benefit from them in the future.