“ICON Network, one of the largest decentralized blockchain networks, has strategically partnered and chosen Band Protocol to provide secure and verified data oracles for its rapidly growing decentralized application ecosystem.”
For an oracle network, integrations are key to growth. As such, investors will likely be closely scrutinizing how many integrations Band Protocol can secure going forward.
Band Protocol sees sharp rise in active address count as new investors flood in
News of the ICON integration is just one factor that may be driving the BAND token’s ongoing uptrend.
The growth it has seen while looking towards its active address count also suggests that new investors are the ones backing its uptrend, rather than current investors accumulating.
Blockchain data visualizer IntoTheBlock reveals this trend, showing that BAND now averages roughly 700 active daily addresses per day.
This marks a notable climb from where this metric was at just one month ago when BAND averaged under 100 daily active addresses.
It is important to keep in mind that although transactions have been rising steadily alongside its price, the number of large transactions – defined as those with a value of over $100,000 – remains incredibly low.
This signals that retail investors are driving its growth, with most investing relatively small amounts of capital.