Blockchain News

AVAX Investors can Expect a Smooth Entry into 2023 After this Avalanche Update

Avalanche [AVAX] recently announced the launch of its Avalanche Warp Messaging (AWM). This was big news because it added several new features and helped the Avalanche network’s capabilities.

The native Avalanche Subnet-to-Subnet communication protocol allows any two blockchains on different Subnets to exchange and validate any type of message in order to clear the cloud.

AWM significantly expanded Avalanche’s capabilities by introducing new features such as seamless native communication between subnets. Individual subnets will no longer be required to deploy and manage bridges as a result of this update.

Furthermore, by customizing messaging rulesets, subnet validators would be able to determine which subnets to accept messages from.

Not only that, but AVAX has entered the top ten blockchains in terms of revenue in the last seven days. Surprisingly, while AVAX was releasing this new update, the network’s on-chain metrics shifted in favor of investors.

This new release brought even more good news, as CryptoQuant’s data revealed that AVAX’s Relative Strength Index (RSI) and Stochastic were both oversold. These were significant bullish signals, indicating a price increase in the final days of the year.

Furthermore, Santiment’s chart revealed that AVAX was still popular in the cryptocurrency space. This was due to the fact that its social volume remained high over the last week.

Furthermore, AVAX’s Binance funding rate remained relatively high, indicating strong interest from the derivatives market. However, AVAX’s development activity took the opposite path, declining over the last week. This was a bad sign for a network.

Furthermore, DeFiLlama’s data revealed that AVAX’s Total Value Locked (TVL) decreased, which was also negative.


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