- BAND price jumped by more than 80% from its lowest level this year.
- Band Protocol will implement its BandChain V4 mainnet.
BAND price surged to the highest point since August as investors waited for a key network upgrade. The native coin for the Band Protocol was trading at $1.68 on Thursday, which was about 80% above the lowest level in October.
Band Protocol upgrade ahead
Band Protocol soared after the developers launched the voting process for the BandChain mainnet upgrade. The voting process will continue until November 17th.
According to the statement, BandChain v2.4 will introduce new features to the network. First, it will upgrade Bump cosmos-sdk to v0.45.10 and ibic-go-to v3.3.1. The goal of this upgrade will be to fully support state sync and ICA Host.
Second the upgrade will increase throughput for oracle module by 10x. And finally, it will increase the MaxGas per block t 50M Gas. With a vote turnout of 5.19%, 100% of the voters have approved the transition.
Band Protocol is an oracle network built on top of the Cosmos ecosystem. It is a competitor to other oracles like WINKLink and Chainlink. Its goal is to move data from the off-chain to the on-chain ecosystem.
For example, it is used by DeFi networks that seek to provide accurate data on cryptocurrency prices. Most DeFi networks like Uniswap and Aave use oracles extensively. Band Protocol recently launched BAND VRF, which is randomness generator that is similar to a product offered by Chainlink. It is used by networks like Polkadot’s Astar Network, Desmos Network, and BNB.
Like other oracle networks, Band Protocol has gone through significant challenges in the past few months. This happened as the volume of the DeFi industry declined sharply in the past few months. Indeed, the total volume secured (TVS) in Band Protocol has dropped to about $798 million.
At its peak, it had a TVS of over $6 billion. Some of the top apps in its ecosystem are Injective, Loopring, Balanced, and CREAM Finance.
BAND price prediction
The daily chart shows that the BAND price rose sharply ahead of the BandChain Mainnet launch. It rose above the key resistance level at $1.30, which was above the 25-day and 50-day moving averages. The coin’s Relative Strength Index (RSI) has risen above the overbought level.
Therefore, there is a likelihood that the coin will have a pullback in the coming days. If this happens, the next key support level to watch will be at $1.30.
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