Following the team’s announcement of the new upgrade, the price of Band Protocol surged to its highest point since August. Compared to last year, it has increased by more than 122.12%.
What is Band Protocol?
Band Protocol enables decentralized applications (dapps) to operate on blockchains and encourages its users to contribute real-world data.
It requires its validators to provide and verify external data to ensure the correct execution of its smart contracts. Blockchains, such as Chainlink and Band Protocol, encourage users to provide verified data and are referred to as "decentralized oracle systems."
The Band Protocol first operated on the Ethereum blockchain. However, in order to transfer data across multiple blockchains, the team eventually decided to construct its own blockchain using Cosmos technology.
Why is Band Rising?
The oracle industry has struggled recently as DeFi continues to face difficulties. TVS from most vendors have dropped by billions of dollars. Band Protocol had a TVS of more than $5 billion at its peak. Chainlink's TVS, which used to be $60 billion, has since dropped.
After Band Protocol's creators unveiled a new upgrade for their ecosystem, the cryptocurrency's price soared. The upgrade is scheduled for November this year.
Band Protocol Price Analysis
Today, BAND trades at $3.11. It has a current market capitalization of $112,815,709 and a circulation supply of 35,191,821.00.
Band Protocol has shown very strong potential recently with an increase in trading volume and market value, and now could be an excellent time to invest.
Over the last four months, Band Protocol's trading volume has increased. Of course, the trading volume plays a crucial role in the price of the item. With a high average price of $1.46 and a minimum average price of $1.29 over the last four months, the coin's overall value has increased by an impressive 56.08%.
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