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Tezos, the innovative self-amending proof-of-stake blockchain and strong competitor of Ethereum, recently announced the implementation of its 14th network upgrade, dubbed Nairobi.
The upgrade comes with several major enhancements intended to improve user experience and network performance. Despite these advancements, $XTZ, the blockchain's native token, saw no significant impact on its price.
The Nairobi Upgrade: Boosting Transaction Throughput and Streamlining User Experience
Collaboratively created by numerous teams including Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori, the Nairobi upgrade introduces a range of mainnet improvements. A key highlight of these improvements is the increased transaction throughput which allows for faster processing of transactions and lower transaction fees.
Following the upgrade, Tezos' throughput has skyrocketed by eight times, a boost applicable to various operations including transactions, smart contract calls, and Smart Rollup maintenance operations.
Notably, with the Nairobi update, Tezos now offers support for Smart Rollup functions. The blockchain platform has introduced new functions and internal Layer-2 messages, enabling Tezos to seamlessly synchronize rollup kernels with future protocol upgrades. Additionally, for better understanding and communication, Tezos has improved its terminology. Enhancements for faster consensus have also been made, particularly through the increased speed of pre-attestation propagation.
Tezos Ecosystem DAO: Streamlining On-Chain Funds Deployment
The Nairobi upgrade coincided with the launch of the Tezos Ecosystem DAO, aimed at improving on-chain funds deployment and treasury management for vital initiatives within the Tezos ecosystem. The decentralized autonomous organization (DAO) enables community members to submit funding requests for Tezos-related initiatives which are then subjected to curation, voting, and the distribution of XTZ. Ensuring transparency and accountability, all DAO activities will be publicly visible. Initially, the DAO will be governed by a three-out-of-five multi-sig setup, with organizations such as Trilitech, the Tezos Foundation, and the Tezos India Foundation holding the keys.
Despite these major advancements, the XTZ prices remain under pressure. As of June 26, XTZ is trading at $0.80, up 13% from the lows of June 2023. The current bearish trend, down 45% from February highs, persists even as the overall cryptocurrency market appears to be bottoming up.
Looking Ahead
The Nairobi upgrade marks a significant milestone in Tezos' journey, highlighting the blockchain platform's commitment to continuous improvement and innovation. By boosting transaction throughput, improving terminology, and launching the Tezos Ecosystem DAO, Tezos has not only improved its network's performance but also streamlined user experience. Despite the current XTZ price trends, these advancements pave the way for a promising future for the Tezos network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.