Cardano Completes Network Upgrade, ADA Reacts To Positive News

While Bitcoin and larger cryptocurrencies by market value go sideways, Cardano’s reaction to the upside may be driven by a rise in the number of projects built on its ecosystem, as well as recent network enhancements.

Input Output Global (IOG), Cardano’s developer, has been focusing on optimizing and upgrading the network. This firm announced their latest update proposal today, which will boost the per-block Plutus script memory unit restrictions from 56 million to 62 million.

The firm explained that this upgrade will improve network scalability. Plutus is one of Cardano’s most recent components, having been included as the network transitioned to implementing smart contract capabilities.

Plutus, as a platform, allows users to use a programming environment. As a result, users may create their own smart contracts without the requirement for technical knowledge, code maintenance, or the usage of a comprehensive development environment.

his incremental adjustment is the latest in a continuing series of optimizations and increases to network capacity that are being made as Cardano continues to scale in 2022 for future growth. Once deployed, we’ll monitor carefully for at least one epoch (5 days) before assessing any further adjustment. Continued observation & orientation guided by real world usage is key to growing Cardano capacity safely (…).

The upgrade, according to IOG, will take effect on March 21, UTC 21:44, when the network reaches epoch boundary 328. The firm emphasized the “phenomenal growth in recent months,” and consumers may expect “significant” future growth as Cardano becomes more “optimized.”

In this regard, the business warns users about the potential rise in network load caused by new Cardano DeFi projects and new users joining the network. As IOG stated, this might cause network congestion, particularly around NFT drops or token launches.

For the previous seven days, Cardano has been one of the best performing assets in the crypto top ten by market cap. The price of ADA, along with Avalanche (AVAX), Ethereum (ETH), and Solana (SOL), trades with a profit of more than 15% throughout this time period, and profits might extend on multiple timescales.

Cardano is currently trading above $0.90, with a 2.5% profit in the previous 24 hours.

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Patrick

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