The coin market’s environment-conscious protocol Cardano is back in to spotlight. As it heads towards its big day.
Folks from the industry are keen on the sixth-largest digital asset and are hoping for a positive outcome to prevail. Which partisans believe is poised to happen, as the makers have rolled up their sleeves for the upgrade.
Cardano despite being fueled by visionary fundamentals, has been crawling on the charts. Moreover, the much-anticipated events have been turning out in favor of the bears.
However, the network has in a recent feat has added over 100 smart contracts in mere 2-days. On the other hand, makers have marked the calendars on the 4th of February for an update.
Will This Event Be The One To Turn Tables For Cardano?
As previously mentioned, in a recent feat Cardano has added over 100 smart contracts in mere 2-days. In addition, the large addresses holding between 10k and 1M ADA now own 113% more since the 17th of January. Which has turned the heads of not one but many in the business.
Coming to the much-awaited event, IOHK has proposed to increase the network’s block size by 11% to counter the challenges revolving around scalability. The team will be increasing the network’s block size from the existing 72KB to 80 KB.
In addition, an update proposal to increase the Plutus script memory units per transaction on the Cardano mainnet from the existing 12.5M to 14M is on the cards for the 4th of February.
The changes in the network will improve the user experience around decentralized applications while increasing overall network capacity.
The initiatives will be the steps towards improving the smart contracts and throughput of transactions. The team has been working towards the updates that belong to the Basho era, which is synonymous with scalability.
As cited by the makers, while the upgrades are designed to contradict any possible congestion. Howbeit, the team will be monitoring the upgrades for a period of 5-days. That said, one could expect congestion during the launch of applications and NFT drops.
Concluding, the congestion in Cardano’s network which has surfaced following the launch of Sundaeswap, has been tormenting the previously troubled network.
That said, the timely act of makers is to bow down for. While the network would demand some time before settling down, the upgrade would bring bullish returns for Cardano’s ADA in near future.
Source: https://coinpedia.org/altcoin/turning-point-in-cardanos-status-quo-ada-price-inching-towards-23-surge-for-the-weekend/