IOHK to increase Cardano block size in a bid to support the future of DeFi
- Decentralized protocol ADALend is launching an efficient and flexible financial solution on the Cardano network.
- Cardano network recently increased its block size by 12.5% as it moves into the scaling phase.
- Charles Hoskinson, founder and CEO of Cardano, has confirmed that there is no subpoena, no threat of a lawsuit against the altcoin.
Cardano has moved into its scaling phase, increasing the size of blocks in the network. It is hoped the move will facilitate the rising demand from smart contracts in the Cardano ecosystem. A further development is the arrival of one of DeFi’s most flexible financing protocols on the network..
Cardano makes strides with a 12.5% higher block size
The Ethereum-killer Cardano is headed into Basho (the scalability phase). Input Output Hong Kong (IOHK), the organization that developed Cardano, has announced a series of adjustments focused on “optimization, scaling and network growth.”
IOHK has submitted an update for increasing Cardano’s block size and Plutus script’s memory units per transaction.
NEW BLOG: Cardano is architected with a highly-decentralized, secure network layer. And a parameterized approach that, step by step, will steadily scale to support a global user base of millions.
— Input Output (@InputOutputHK) November 22, 2021
Today, we're starting that process... #Cardano
Read more:https://t.co/Aq9mU27kB6
IOHK’s blog reads,
A 12,5% increase is sizable, but not too big. It leaves room for further expansion and allows stake pool operators (SPOs) to adjust to the increased demands.
As new projects join the Cardano ecosystem, there has been a spike in the number of active wallets and on-chain activity on the network.
ADALend, a decentralized protocol considered a leader in efficient and flexible financial solutions, has announced its arrival on the Cardano blockchain.
ADALend has said that they have started developing cross-platform integrations. The protocol plans to offer fast loan approval, trustless custody, automated collateralization and liquidity in DeFi.
The project developers chose the Cardano network for its cost-effectiveness and dual-layer blockchain design that separates calculation from contracts.
While news of Cardano’s delisting on the social trading platform eToro is doing the rounds, Charles Hoskinson, founder and CEO, confirmed no regulatory threat, subpoena or lawsuit against ADA.
And we didn't even get delisted. Ada is still on etoro and non-US customers can freely trade https://t.co/FAcUgv9ERj
— Charles Hoskinson (@IOHK_Charles) November 23, 2021
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
