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Low-cap decentralized oracle crypto projects have surged this week after rolling out major upgrade proposals.
Band Protocol (BAND), a cross-chain data oracle platform, is trading at $2.88 at the time of writing.
The 230th largest crypto asset by market capitalization is up more than 5% over the last 24 hours and over 146% over the past 7 days.
Projects aimed at linking smart contracts to real-world data announced Proposal for BandChain mainnet upgrade in late October. According to Band Protocol’s marketing team, the upgrade will increase mainnet throughput by 10x that of his and add new features to make it easier for developers to set up new nodes on his BandChain.
describe the project
“This upgrade uses Wasmer’s new metering middleware, a fast and secure WebAssembly runtime, to calculate gas consumption instead of using the ‘gas injection’ technique. This transition allows the OS (oracle script) to efficiently calculate gas consumption in a more systematic, but also structurally sound way.
The community voting process for new proposals will begin on Thursday and end on November 17th. At the time of writing, 100% Of the votes cast so far, one vote was in favor of the upgrade.
? BandChain mainnet upgrade to V2.4. Proposal live!
?? Vote: https://t.co/zE1yhCXMK0
? detail: https://t.co/DJHygzksw2
? Voting deadline: November 17th and 22nd
.$ band #band chain pic.twitter.com/a93l4Q0oRFBand Protocol (@BandProtocol) November 3, 2022
Despite this week’s rise, Band Protocol is down more than 87% from its all-time high of $22.83 set in April 2021.
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Featured image: Shutterstock/zeber/Sensvector
