Cardano Completes Network Upgrade and ADA Reacts to Positive News
Cardano has been one of the best-performing crypto assets in terms of market capitalization. Over this time, ADA’s price has gained over 15% in comparison to Avalanche (AVAX), Ethereum (ETH), and Solana (SOL), and gains could continue on different timescales.
Also, read – Cardano’s ADALend: A Promising Blockchain Platform
While Bitcoin and other major cryptocurrencies trade sideways, Cardano’s rise could be fueled by an increase in the number of projects developing on its ecosystem and recent network enhancements.
Input-Output Global (IOG), Cardano’s developer, has been working to improve and optimize the network. This company just updated its software to increase the maximum number of Plutus script memory units per block from 56 to 62 million.
Today, at a conservative estimate, there are 500+ projects #BuildingOnCardano. Keeping track of all developments isn’t easy. So, here is your regular update on projects launching on #Cardano, partnerships, community events, and more!
— Input Output (@InputOutputHK) March 15, 2022
This update will improve the network’s scalability, according to the business. Plutus is one of Cardano’s newest components, having been introduced as the network began to develop smart contract capabilities.
Plutus is a platform that provides a programming environment to users. This enables people to develop and manage smart contracts without requiring technical expertise. Plutus is one of Cardano’s most ambitious products to remove friction from the DeFi sector and bring more people into the Cardano ecosystem. According to IOG, this new update proposal:
As Cardano scales in 2022 to accommodate future growth, the gradual tweaks are the latest in a series of optimizations to increase network capacity. We’ll carefully observe for at least one epoch (5 days) after deployment before making any further adjustments. Continuous monitoring and orientation led by real-world usage are critical to securely increasing Cardano capacity.
Cardano is about to embark on a new era.
The upgrade will go into effect at 21:44 UTC on March 21st and will remain in effect until the network hits epoch boundary number 328, according to IOG. Users could expect “substantial” future growth as Cardano becomes more “optimized,” according to the business, which noted the “phenomenal rise in recent months.”
As a result, users are reminded that the new DeFi project launches on Cardano, and new users joining the network will result in a more significant network load. As indicated by IOG, this could cause network congestion, particularly during token releases or NFT dips.
As the corporation “steadily” builds the network, the secondary effect of possibly bullish activities will improve. IOG asserts:
We’re now focusing on achieving the scaling phase of the ecosystem’s vision, which includes increasing speed and network capacity while retaining security and decentralization.