This Avalanche upgrade could revive AVAX after recent crisis with Korean exchanges
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
