Band Protocol Gains 145% in a Week on Upgrade Proposal
A low-capacity decentralized oracle cryptocurrency venture is soaring this week after releasing a significant upgrade plan. While preparing this report, Band Protocol (BAND), a cross-chain info oracle system, is trading at $2.88. The 230th-ranked cryptocurrency asset by market capitalization has increased by over 5% during the previous 24 hours and 146% over the past week.
Last month, the initiative that aspires to connect smart contracts with real-world data released a plan for a BandChain mainnet update. As per Band Protocol’s marketing division, the update will enhance the mainnet’s performance by 10x and provide a unique feature that will transform it simpler for programmers to establish additional nodes on the BandChain.
“With this update, we compute gas usage utilizing the latest Metering Middleware from Wasmer, a quick and safe WebAssembly execution, as opposed to the ‘inject gas’ method. This change allows the operating system (oracle script) to compute gas usage in a systematic and structurally robust way.
Thursday marked the start of the community voting procedure for the latest plan, which will conclude on November 17. While preparing this report , 100% of the votes cast were in support of the update.
Notwithstanding this week’s advances, Band Protocol is still over 87 percent behind its April 2021 all-time peak of $22.83.