New Cardano Update! What Does It Mean For ADA HODLers?

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Cardano has been attempting to maintain a stable position in the market over the last few months, but it still manages to lose a substantial amount of value every now and then. Even if it had a strong day the day before, it has lost 3% of its value in the prior seven days.

The platform developers have submitted an update that they claim will help the project’s network scale and improve user experience. According to a new tweet from the blockchain platform’s development business, Input Output Hong Kong, the update would boost the Cardano network’s block size from 72KB to 80KB.

On the Cardano mainnet, the development firm also recommended an update that would boost the script memory units per transaction from 12.5 million to 14 million. On Friday, both the block size and script memory unit increases will take effect.

“Together, these enhancements will provide additional resources for [Cardano’s smart contract platform] Plutus scripts to improve DApp [decentralized application] user experience while increasing overall network capacity.” says IOHK. 

This year, Cardano will be slowly optimized in a series of measured phases, being carefully and deliberately scaled for future expansion as demand increases…

The network has been designed to securely handle large peak loads, and as we continue to optimize, throughput will progressively improve. This most recent improvement will help to improve the user experience even further.

ADA Price Action

ADA token is still clinging to the $1 value range as its main support level. Over the last ten days, there has been a significant amount of buying in that value bracket, with more happening every day. A rally is expected as a result of this buying behavior.

The altcoin could witness a nice increase in the near future. It is now trading in one of the most constrained tradings ranges it has seen in recent years. A bullish breakout is expected to reach at least three times as high as the consolidation zone was long.