Band Protocol has been quietly experiencing a decent run in the market in the past few days. The Erc-20 token experienced a spike in value 48 hours and this bullish run has continued with the coin gaining 45% on the USD in the last day of trading.
The coin has represented a huge profit for holders as it began the day on $1.12 before spiking exponentially during the day.
Looking at its 24 hours a chart the bullish run is still on with the coin hitting the $1.70 mark before falling to its current price of $1.67. The next 24 hours will be crucial for the coin as it looks to surmount the resistance barrier of $1.70.
Band Protocol spike could be due to technical developments ahead of Mainnet launch
Band Protocol is looking to move to its mainnet by the end of 2020 and recently announced the countdown to the release of its BandChain phase 0 which is set to be launched by June.
As announced in January, BandChain will be fully released across four phases to maximize stability and security. Extensive features will be added across phases to culminate as a real-time cross-chain oracle that is able to connect smart contracts to any external data including credentialed and paywall APIs.
The blockchain platform has already added a number of validators which include stakefish, Chorus One, Figment Networks, Infstones, B-Harvest who have extensive experience in operating decentralized oracle networks and leading layer-1 blockchain nodes.
About Band Protocol
Band Protocol aims to provide dApp with a reliable, trusted data feed by replacing an external oracle with a public smart contract and community-curated dataset, ultimately bringing real-world data into Blockchain as a Decentralized Oracle and a data governance protocol.
Band Protocol looks to complete the missing component of Web3 stack by being a data management and governance layer for all dApps.