The Avalanche price could have hit bottom after today’s slight price surge following the introduction of a new solution by Avalanche called GoGoPool. Although the price of AVAX had surged by less than 1% in the past 24 hours, it is a positive movement after a month-long decline.
Apart from price, the TVL deposited on the Avalanche chain has also been on a steady decline since the start of May. According to data obtained from DeFiLlama, the TVL on Avalanche had dropped by 7% month-to-date to $753 million.
The new GoGoPool is aimed at allowing node operators to deliver infrastructure to Subnet builders quickly and for a fraction of the initial cost. However, the effect of GoGoPool might not last very long because Avalanche is all set to introduce a new protocol to improve the ease with which users can work with Avalanche Subnets.
Avalanche uses Subnets as the preferred scaling solution to allow users to create and deploy blockchain-specific applications. However, prior to the launch of GoGoPool, the procedure of developing and deploying these applications required a high level of technical competence and was prohibitively expensive.
According to information on the Avalanche Explorer, there are about 59 Subnets on the Avalanche network.
GoGoPool is basically a permissionless liquid staking protocol that will use liquid staking and mini pools to reduce the cost of operating a validator node.
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