Avalanche Price Prediction as Durango Upgrade Proposal Goes Live – Here’s the Latest
Ava Labs started testing a new Avalanche upgrade proposal yesterday. Dubbed “Durango”, the upgrade went live on the Fuji testnet at 4PM UTC.
Durango largely focuses on improving Avalanche’s developer experience, although the news has had no impact on the underlying token’s price.
A key feature of the proposal is that it maintains smart contract compatibility with Ethereum’s “Shanghai” upgrade, which was implemented on Ethereum last April when the network transitioned from an energy-intensive Proof-of-Work (PoW) consensus mechanism to the greener Proof-of-Stake (PoW) mechanism.
Durango introduces Avalanche Warp Messaging (AWM) to Avalanche’s Contract Chain (C-chain).
C-Chain is a component of Avalanche’s blockchain that runs smart contracts compatible with the Ethereum Virtual Machine (EVM), enabling the Avalanche ecosystem to be highly interoperable and scalable for the development of cross-chain dApps. AWM establishes a new standard for cross-chain communication on Avalanche.
In spite of the network upgrade, Avalanche’s (AVAX) is failing to even capitalize on a broader market-wide rally.
AVAX is up 0.9% in the last 24 hours to trade at $41.34 as of this writing. Market leaders Bitcoin and Ethereum both grew 3% over the same period.
Over the last three months, Avalanche’s price performance has mirrored that of other major cryptocurrencies. They began the year rallying on hype that the US SEC was going to approve Bitcoin ETFs.
There was a downturn immediately after approval on January 11, reflecting market-wide “buy the news sell the rumour” sentiment.
Then, barely a fortnight later there was a major dip after JP Morgan chief Jamie Dimon warned that Bitcoin’s pseudonymous creator “Satoshi Nakamoto” could one day return and
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