Cardano News
Cardano News: Cardano Scales Block Size To 88KB, Ecosystem Seeks To Expand Its NFT Reach
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Earlier this week, Input Output Global (IOG) said it was implementing a change to the block size on the Cardano network, following a proposal made late last week. The update, which took place on Monday at 20:20:00 UTC at the boundary of epoch 335, saw the block size on Cardano increase by 10%.
With the block size rising from 80KB to 88KB, Cardano can now handle larger transaction batches, resulting in increased capacity and reduced network transaction delays. Following the update, the IOG team said it would monitor the blockchain network for one epoch – five days – before it can determine the next block size increment.
Optimizing the network further
The most recent enhancement is part of Cardano's efforts to scale throughput to contend with the rise in transaction volume. Its backing foundation, IOG, says it will continue carefully and steadily optimizing the network even into the coming months.
Last month, John Woods, Director of Cardano Architecture, explained that this year, the blockchain has increased the block size progressively from 64KB to 72KB, and then it gained an additional 11% to 80KB in February. The latest enhancement means that block size has increased by 37.5% this year
Cardano aims to expand NFT ventures with Terra Virtua collaboration
Elsewhere, the Cardano network is exploring ways to expand its NFT ventures. According to information shared by IOG on Twitter, Cardano founder Charles Hoskinson yesterday joined Terra Virtua CEO Jawad Ashraf on a Twitter Space to hold discussions on Cardano's collaboration with Terra Virtua Fancave to create Cardano Summit NFTs
The two executives also discussed plans for the future. As Terra Virtua offers users a marketplace for collectibles, the collaboration could open the door to more joint NFTs projects with Cardano in the future.
There would be seven Cardano Summit NFTs, with any single user eligible to acquire them all. Once acquired, the NFTs would be sent to a Cardano wallet, with the user taking as much as 7 NFTs required to pay the highest fees – 7 ADA.
In terms of use cases, holders can stake their tokens to add to plans by IOG to increase utilities for the Summit NFTs via third parties. In addition to the usual NFT uses, holders can also display the tokens on Terra Virtua 3D platforms, including the Art Gallery, Terra Dome, and the Fan Cave, via their Terra Virtua accounts.
Santiment: ADA primes for a rally as it reaches a historical opportunity zone
Blockchain intelligence and analytic firm Santiment has pointed to the market value to realized value (MVRV) metric to conclude that the Cardano network has reached a historically bullish turning point.
The 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 mid-term interval has fallen under -15%. The firm explained that historically ADA, alongside other altcoin tokens, usually experiences a brief rally in prices to offset some of the consistent losses when it reaches this MVRV level.
However, Santiment said that despite the optimistic indicator, cryptocurrencies continue showing co-movement with the equity markets and the S&P 500, leaving the eventual direction of ADA's price at the influence of the stock market, at least until the Federal Open Market Committee (FOMC) meeting happening next month.
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