AVAX Declines After Helicon Upgrade, Can it Hold Above $10?
Avalanche's AVAX token fell by over 8% on September 23, giving back some of its recent gains. The decline occurred just one day after the network activated its Helicon upgrade.
According to the source, the timing of the decline does not necessarily mean that the upgrade is responsible for it. Instead, traders may have taken profits as AVAX approached a major resistance area.
The Helicon upgrade was launched on September 22 and brings six changes to network performance, staking, and transaction fees. One key change allows validators to automatically renew their stake, reducing the minimum staking duration from two weeks to 48 hours.
Another change increases the uptime reliability of the network by requiring validators to be up 90% or higher. The upgrade also introduces a new staking reward formula that will gradually adjust over a period of 90 days.