Input Output, the development company behind the Cardano network, on Wednesday proposed increasing the network's block size by XNUMX%.
- "We have proposed the next configuration update as we continue to increase the capacity of the #Cardano network in accordance with the plan. The proposal will increase the block size by an ancillary eight Kb from XNUMX Kb to XNUMX Kb," Input stated. Output in a tweet. .
NETWORK UPDATE: Today we provided the next configuration update as we continue to increase the capacity of the #Cardano network in accordance with the plan. The proposal will increase the block size by eight auxiliary Kb, from seventy-two Kb to eighty Kb.
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- Blocks are batches of transactions that are confirmed and recorded on a blockchain. Larger sizes mean that more transactions can be included in each and every batch, but this can affect transaction times and overall network capacity.
- A separate proposal has also been activated to increase the performance of Plutus, Cardano's blockchain smart contract platform. Input Output stated that script memory units per transaction, or the amount of data that can be included in a transaction, on Cardano are now going to increase from XNUMX million to XNUMX million.
- The changes are expected to improve the performance of applications built on Cardano, while increasing the overall capacity of the network, Input Output stated.
- The proposals are in line with a broader plan to grow Cardano's internet transaction volumes as it moves toward a blockchain focused on decentralized finance (DeFi). DeFi refers to financial services that rely on smart contracts on third-party sites.
- SundaeSwap, the first DeFi (DEX) exchange on Cardano, went live in the first month of the year. DEX offers multiple trading pools made up of native Cardano tokens, such as SUNDAE, Cardano ADA, PAVIA metaverse token, among many others.
- However, at the time of writing, trades on SundaeSwap were slow. “The network is extremely congested right now. Trades may fail or may not materialize until such time as you reduce congestion,” a DEX advisory states.
- ADA costs increased by three percent in the last twenty-four hours, according to data from the analysis service CoinGecko. ADA traded at €5 in the morning in Asia, but was down XNUMX cents at the time of writing after a nominal sell-off.