- 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
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the Securities and Exchange Commission (SEC), the investors have resorted to offloading their holdings for now.
Coinbase to keep cornerstone staking service after CEO Armstrong fires shots at the SEC
Coinbase Exchange has committed to maintaining its cornerstone cryptocurrency staking services after CEO Brian Armstrong countered the US Securities and Exchange Commission (SEC), demanding regulatory clarity.
Cardano price signals accumulation as ADA crashes by nearly 10% in 24 hours
Cardano price took a critical hit on June 7 as the entire crypto market continues to suffer the impact of the regulatory crackdown against Binance and Coinbase. Amidst this chaos, the investors that bore the loss found an opportunity for recovery, but it does not sit in the hands of retail investors.
BNB price falls 10% as US court summons Binance CEO, Changpeng Zhao
Binance Coin is down a staggering 20% since June 4 to the current price of $260.93, representing a 10% downswing since the beginning of the Asian session on June 7. The leg down comes in light of recent developments in the case between Binance versus the US Securities and Exchange Commission (SEC).
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.