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Home»Altcoins»Will technological advancements save AVAX in difficult circumstances?
Altcoins

Will technological advancements save AVAX in difficult circumstances?

Saheel KhirodkarBy Saheel KhirodkarDecember 9, 2022Updated:December 9, 2022No Comments2 Mins Read
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  • For its validators, Avalanche developed new technology.
  • The weighted sentiment, however, remained negative and fell further, as did TVL.

Avalanche [AVAXofficial ]’s account tweeted on December 8 that it was developing its technology for the benefit of its validators. For existing validators, the platform would introduce a new Banff 4 technology to enhance bandwidth optimizations.

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. https://t.co/00wnUB7wT7

— Avalanche 🔺 (@avalancheavax) December 7, 2022

Even though Avalanche’s technology is constantly evolving, the number of stakers on the platform decreased by 28.03% over the past 30 days. Staking Rewards data shows that there were 43k active stakers on the Avalanche network at the time of writing.

Source: Staking Rewards

Notably, Avalanche also experienced problems in the DeFi market.

The picture below shows how significantly Avalanche’s TVL dropped over the past few months. Additionally, its TVL dropped by 3.36% over the previous 24 hours, and as of press time, the total value locked was $845.64 million.

Additionally, Avalanche struggled to generate enough revenue. The fees collected by Avalanche decreased by 20.6% over the previous 30 days, according to Token Terminal.

Source: DefiLlama

NFTs cause the collapse

In actuality, the network struggled in the NFT sector, as the value of the top NFT collections decreased noticeably over the previous month. Along with that, fewer NFTs were also being created on the network.

Source: AVAX NFT STATS

Additionally, over the past few months, fewer people were using Avalanche on a daily basis. Surprisingly, the volume of transactions on the network also decreased over the past month, falling from $2.07 million to $1.9 million.

Source: avax.stats

The volume of Avalanche suffered because of its dwindling activity. In one month, it decreased from 770 million to 110 million.

Along with that, the overall opinion of Avalanche in the crypto community remained largely unfavorable. This shows that AVAX received more negative than positive feedback from the crypto community.

Source: Santiment

However, it remains to be seen whether Avalanche’s technological advancements will aid the network in the coming future.

At the time of press, AVAX was trading at $13.17. Its price had decreased by 0.16% over the last day. 

avalanch AVAX blockchain cryptocurrency
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Saheel Khirodkar
Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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