Under-the-Radar Ethereum Oracle Project Skyrockets 146% in One Week As Bitcoin and Crypto Market Pop

A low-cap decentralized oracle crypto project is skyrocketing this week after it rolled out a major upgrade proposal.

Band Protocol (BAND), a cross-chain data oracle platform, is trading at $2.88 at time of writing.

The 230th-ranked crypto asset by market cap is up more than 5% in the past 24 hours and 146% in the last seven days.

The project, which aims to link smart contracts with real-world data, unveiled a proposal for a BandChain mainnet upgrade in late October. The upgrade will increase the mainnet’s throughput by 10x and add a new feature that will make it easier for developers set up new nodes on the BandChain, according to Band Protocol’s marketing team.

Explains the project,

“With this upgrade, we use the new Metering Middleware from Wasmer, a fast and secure WebAssembly runtime, to calculate gas consumption instead of using the ‘inject gas’ technique. This transition allows the OS (oracle script) to efficiently calculate gas consumption in a manner that is not only more methodical, but also structurally more sound.” 

The community voting process for the new proposal went live on Thursday and will end on November 17th. At time of writing, 100% of the votes cast thus far have been in favor of the upgrade.

? BandChain mainnet upgrade to V2.4. proposal is live!
?? To vote: https://t.co/zE1yhCXMK0
? More Details: https://t.co/DJHygzksw2
? Voting Deadline: Nov 17th, 22
.$band #bandchain pic.twitter.com/a93l4Q0oRF

— Band Protocol (@BandProtocol) November 3, 2022

Despite the gains this week, Band Protocol remains more than 87% down from its all-time high of $22.83, which it hit in April 2021.

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Featured Image: Shutterstock/zeber/Sensvector