Cardano News: Cardano Scales Block Size to 88KB, Ecosystem Seeks to Expand NFT Reach
Earlier this week, Input Output Global (IOG) mentioned it was implementing a block size change on the Cardano network, following a proposal made late last week. The update, which took place Monday at 20:20:00 UTC at the epoch 335 boundary, saw the block size on Cardano increase by 10%.
With the block size increasing from 80 KB to 88 KB, Cardano can now handle larger batches of transactions, resulting in increased capacity and reduced network transaction times. Following the update, the IOG team said it will monitor the blockchain network for an epoch – five days – before it can determine the next block size increment.
Further optimize the network
The most recent improvement is part of Cardano’s efforts to increase throughput to cope with increased transaction volume. Its supporting foundation, IOG, says it will continue to carefully and regularly optimize the network even in the months to come.
Last month, John Woods, director of Cardano Architecture, explained that this year the blockchain gradually increased the block size from 64 KB to 72 KB, then it gained another 11% to 80 KB in February. Latest improvement means block size increased by 37.5% this year
Cardano Aims to Expand NFT Businesses with Collaboration from Terra Virtua
Elsewhere, the Cardano network is exploring ways to expand its NFT ventures. According to information shared by IOG on Twitter, Cardano founder Charles Hoskinson joined Terra Virtua CEO Jawad Ashraf yesterday on a Twitter space to hold discussions on Cardano collaborating with Terra Virtua Fancave to create Cardano Summit NFTs
The two leaders also discussed plans for the future. As Terra Virtua offers users a marketplace for collectibles, the collaboration could open the door for other joint NFT projects with Cardano in the future.
There would be seven Cardano Summit NFTs, with only one user eligible to acquire them all. Once acquired, the NFTs would be sent to a Cardano wallet, with the user taking up to 7 NFTs needed to pay the highest fee – 7 ADA.
Santiment: ADA braces for rally as it hits historic opportunity zone
Blockchain intelligence and analytics firm Santiment highlighted Market Value to Realized Value (MVRV) for conclude that the Cardano network has reached a historically bullish turning point.
MVRV, a ratio of market capitalization to realized capitalization, shows the average loss or profit on all tokens in circulation on a network at a specific price. It can therefore be used to estimate price reversals.
Santiment noted that the 30-day midterm range fell below -15%. The company explained that historically, ADA, alongside other altcoin tokens, usually sees a brief rise in price to offset some of the constant losses when it hits this MVRV level.
However, Santiment said that despite the bullish indicator, cryptocurrencies continue to show co-movement with stock markets and the S&P 500, leaving the eventual price direction of ADA to the influence of the stock market, at the least until the Federal Open Market Committee (FOMC) meeting to be held next month.
To learn more about Cardano, see our Investing in Cardano guide.