Cardano has been one of the top performing crypto assets by market capital for 7 days. ADA’s price, with Avalanche (AVAX), Ethereum (ETH), and Solana (SOL), trades with over 15% in profit over this time period, and gains could extend on different timeframes.
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Cardano is trading at $0.90, with a 2.5% profit over the past 24 hours.
While Bitcoin and larger cryptocurrencies by market cap move sideways, Cardano’s reaction to the upside could be driven by its increase in the number of project building on its ecosystem, and recent improvements implemented on the network.
Cardano’s developer Input Output Global (IOG) has been focusedon improving and optimizing the network. This company today announced their most recent update to raise the limit of Plutus script memory units per block from 56 to 62 Million.
This update, the company clarified, will aid the network’s scalability. Plutus is one of Cardano’s recent most recent components as the network made a transition to implement smart contract capabilities.
Plutus is a platform that allows users to use a programming environment. This allows users to create and maintain their own smart contracts, without the need for technical knowledge.
Plutus is one of Cardano’s most ambitious products as it’s aim at removing friction from the DeFi sector and onboarding more users to its ecosystem. IOG claims that this new update proposal:
Cardano’s incremental adjustments are the latest in a continuous series of optimizations to increase network capacity as Cardano scales in 2022 to support 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 (…).
Cardano Enters A New Era
IOG said that the update will take effect at 21:44 UTC on March 21st, and will be in force when the network reaches epoch boundary number 328. The company highlighted the “phenomenal growth in recent months”, and users should expect “significant” future growth as well as Cardano becomes more “optimize”.
Accordingly, users are warned about an increased network traffic from new DeFi project launches on Cardano as well as new users joining the network. As IOG stated, this could cause congestion in the network especially around token launches or NFT drops.
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This secondary effect of a potentially bullish activity will improve over time as the company “steadily” improves the network. IOG claims:
As the ecosystem grows, we’re now focused on delivering the scaling phase of its roadmap; improving speed and network capacity while maintaining security and decentralization.