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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Cardano Completes Network Upgrade, ADA Reacts To The Upside

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Cardano

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Cardano remains one of the best performing assets in the crypto top 10 by market cap for the past 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.

Related Reading | Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts

At the time of writing Cardano trades north of $0.90 with a 2.5% profit in the last 24 hours.

Cardano ADA ADAUSDT
ADA’s price trends to the downside on the daily chart. Source: ADAUSDT Tradingview

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 focused on optimizing and improving the network. Today, this company revealed their latest update proposal to increase the per-block Plutus script memory units limits from 56 million 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.

Operating a platform, Plutus enables users to leverage a programming environment. In that way, users can build their own smart contract without needing technical skills, maintaining code, and removing the need to use a full development environment.

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. According to IOG, this update proposal will:

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 (…).

Cardano Enters A New Era

The update, IOG added, will come into effect on March 21, UTC 21:44, when the network will reach epoch boundary 328. The company highlighted the “phenomenal growth in recent months”, and users should expect “significant” future growth as well as Cardano becomes more “optimize”.

In that sense, the company warn users about the potential increase in network traffic as a result of new DeFi projects launching on Cardano, and new users entering the network. This could bring congestion to the network, as IOG said, specially around NFT drops or a token launch.

Related Reading | Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of Falsifying Credentials

This secondary effect of a potentially bullish activity will improve over time as the company “steadily” improves the network. IOG claimed:

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.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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