Cardano to Process More Transactions As Network Boosts Optimization
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IOHK reported via a series of tweets yesterday that the total block size will grow to 80 kilobytes (KB) from a current size of 72 KB. This means that Cardano blocks would have the capacity to carry more transactions, increasing the network’s transaction completion time.
Traffic on the network has surged significantly in recent times following the successful launch of numerous projects on the mainnet. In late January, blockchain load spiked by over 90% amid the increased adoption of the network for projects, highlighting the pressing need for a network scale-up.
As of yesterday, virtually all blocks remain full, with blockchain load averaging 85%, according to Cardano Blockchain Insights.
Meanwhile, the IOHK announced that the Plutus memory limits would also jump to 14 million units per transaction from the current 12.5 million.
Finally, Cardano is already on “Basho,” the third phase on its roadmap named after revered Japanese poet Matsuo Basho. The development team currently has its eyes on optimizing the network for its growing influx of users.
Key Cardano Levels to Watch — February 2
ADA traded on a mixed sentiment on Wednesday as it struggled to claim the $1.100 resistance. The sixth-largest cryptocurrency continues to trade on a sideways pattern despite recording a bounce from the base of my five-month-long descending channel last week.
A decisive break above the $1.100 psychological mark in the coming days should help the cryptocurrency align with the appointed trajectory along the arrow and towards the midpoint of my descending channel. In the meantime, my daily MACD indicator shows the completion of a bullish trendline crossover. The coming days should shed more light on the possible trajectory of ADA; if we resurface above 1.250 or remain in a sideways bias.
Meanwhile, our resistance levels are $1.100, $1.150, and $1.200, and our support levels are $1.050, $1.000, and $0.900.
Total Market Capitalization: $1.78 trillion
Cardano Market Capitalization: $36 billion
Cardano Dominance: 2.02%
Market Rank: #6
