- Avalanche network announced the release of Avalanche Cortina upgrade on testnet on March 27.
- Korean crypto exchanges Upbit and Bithumb temporarily halted AVAX deposits and withdrawals when the blockchain stopped producing blocks for an hour.
- AVAX price yielded nearly 8% gains for holders over the past week, climbing 3.4% overnight.
The Avalanche network announced its Cortina upgrade on the Fuji testnet on March 27. The upgrade will be activated on March 30. According to developers, the latest version of the upgrade will make it easier for exchanges to support the blockchain.
The development comes as a relief to AVAX holders after the token’s deposits and withdrawals were temporarily halted by Korean exchanges.
Also read: Analysts turn to Ethereum rivals hunting for next altcoin with 2x gains
Avalanche Cortina upgrade launches on the testnet on March 27
Developers at Avalanche will release the pre-release code of the Cortina upgrade on the Fuji testnet. This testing event is scheduled for March 27. The upgrade will be activated on the blockchain on March 30.
The latest version of AvalancheGo will make it easier for exchanges to support the blockchain. The team has introduced new features that make it lucrative for validators to support the Avalanche ecosystem. Validators are nodes that stake AVAX and earn competitive rewards for supporting the Avalanche blockchain.
Say Hello to #Avalanche Cortina: https://t.co/aKhhq1iBwj
— Patrick O'Grady (@_patrickogrady) March 23, 2023
Cortina paves the way for broader X-Chain adoption with Snowman++, improves the staking UX by batching delegator fees, and allows for more complex C-Chain transactions by increasing the block gas limit from 8 to 15M.
AVAX token battled a crisis on March 23 when the C-blockchain did not produce a block for nearly an hour and Korean exchanges Bithumb and Upbit temporarily halted deposits and withdrawals.
The latest developmental upgrade and the bug fix issued by the development team could help AVAX gain lost ground and make a comeback.
Does AVAX have more bullish potential?
Avalanche token holders earned nearly 8% gains over the past week. AVAX price climbed 3.4% overnight. The Total Value Locked (TVL), a key metric that is considered an indicator of the health and potential of an asset, climbed consistently since March 12 for AVAX.
Avalanche currently has a TVL of $843.22 million up from $736.74 million on March 12, based on data from DeFiLlama. This signals the growth in the AVAX network.
AVAX TVL
The decentralized blockchain platform is currently in an uptrend after yielding nearly 64% gains since the beginning of 2023 and the upcoming upgrade, alongside rising TVL could fuel a rally in AVAX price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.