Key Takeaways:
- Tezos upgrade is incoming, but it hasn’t reached the community vote stage.
- The 14th upgrade, named Nairobi, will increase TPS eight times.
- The XTZ token is not impressed by the news and could lose another 13%.
YEREVAN (CoinChapter.com) – On June 24, Tezos announced its “long-awaited” 14th protocol upgrade “Nairobi” has passed the adoption phase.
Nairobi upgrade will boost Tezos TPS
The proposal contains several updates and improvements to the Tezos economic protocol, including an up to 8x increase in Transactions per Second (TPS) for certain manager operations on Tez (XTZ) transfers and smart contract calls.
Nairobi will also include an improved gas model for signatures to reflect the cost of different curves, faster propagation of pre-attestations to reach consensus earlier, and new host functions for Smart Rollups.
Currently, the gas cost of signature verification for manager operations is a flat-tax constant, which over-approximates the required resources. With Nairobi, their cost depends on the cryptographic curve used and the size of the payload.
commented the Tezos team.
Also read: Aptos (APT) price headed for a 35% crash as the project stalls.
Notably, Nairobi is not yet voted in by the community. According to the announcement, the dedicated protocol test network Nairobinet will “begin soon” on schedule.
XTZ price risks a 13% drop despite the news
While the Network developments are bullish, the Tezos token XTZ is not impressed. Despite the asset’s 13% weekly gain, its value flatlined for the previous three days and remained at $0.8 in the European session on June 27. Notably, XTZ still struggled at its 2019 lows, over 90% drop from the Oct 2021 record high.
The weekly bullish boost kept the token’s price action above its 20-day exponential moving average (EMA-20; red wave). However, given the weak trading volumes, another drop to the recently-retested $0.7 support is in the books, a 13% decline from the current value.
Also read: Injective Protocol(INJ) Price Rallies 43% In Less Than 3 Weeks, Recovers June Losses.
Notably, the MACD oscillator indicates that the bullish streak is not over yet. Thus, a closer look at the wider altcoin market behavior is crucial for XTZ. If Ether (ETH) leads altcoins higher in the coming week, the Tezos token is likely to follow suit.
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