Avalanche’s latest security upgrade has these effects on AVAX
Avalanche [AVAX] network witnessed a few positive indicators in the short run. Of late, Platypus, a leading stableswap on Avalanche introduced the ecosystem’s first voting gauges. Following this the platform saw significant growth overall. But the question remains, could it sustain this uptick?
The team behind the network introduced a mandatory security upgrade in effect on 5 September on both Fuji and Mainnet. The head of engineering gave some insight here on the social media platform.
🚨 🚨 Apricot Phase 6: 🚨 🚨 This is a mandatory security upgrade. Please upgrade your **node as soon as possible**.The changes in the upgrade go into effect at **4 PM EDT on September 6th, 2022** on Fuji/Mainnet.— Patrick “The Faucet” O'Grady 🔺 (@_patrickogrady) September 5, 2022
This upgrade fell in line with previous upgrades to bolster Avalanche’s credibility as a whole. Following this development, the community urged users/operators to do the needful.
However operators could see some errors post-upgrade. In this regard, the engineer exec asserted,
“You may see some extraneous ERROR logs (“BAD BLOCK”) on your node after upgrading. These may continue until the Apricot Phase 6 activation. This is not a sign you should downgrade your node.”
That being said, development activity as well as trading volume witnessed an uptick. Here’s the graph where the development activity metric’s rise was more significant as compared to the latter.
Not just this, but even monthly transactions on the network saw unprecedented levels. Ava Labs executive Patrick Sutton confirmed that Avalanche reached an all-time high in monthly transactions last week.
Furthermore, Avalanche completed 32.7 million transactions in August and still growing at press time as per the previous report.
Not always sun-shine here
Well, things weren’t too smooth within its ecosystem. Ava Labs, the creator of the Avalanche blockchain, was alleged that he was involved in paying lawyers to “attack and harm crypto organizations and projects that might compete with Ava Labs or Avalanche in some way.”
Needless to say, the allegations stirred up controversy which led to a price fall.
Even so, Avalanche [AVAX] landed among the top 20 cryptos by market capitalization, with a price trending at $18.53 as of this writing.
However, the flagship struggled to find its way back from its heady November 2021 highs of $135.
At the time of writing, AVAX suffered a fresh 2.5% correction as it traded around the $18.56 mark. Fair to say, despite such bullish developments, the price couldn’t reciprocate the same love.Source