Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Tezos Nairobi Deployment Yet to Impact on XTZ Price Action

Published 06/27/2023, 09:27 PM
Updated 06/27/2023, 09:45 PM
Tezos Nairobi Deployment Yet to Impact on XTZ Price Action

  • On Monday, June 26, 2023, Tezos (XTZ) blockchain deployed a new upgrade, Nairobi.
  • Tezos developers say Nairobi would significantly increase the network’s transaction speed.
  • The impact of the Nairobi upgrade is yet to reflect on the price behavior of XTZ.

On Monday, June 26, 2023, Tezos (XTZ) blockchain deployed a new upgrade, Nairobi. The latest deployment marks the fourteenth upgrade since the creation of the network and the second in 2023. Before Nairobi, Mumbai, the thirteenth upgrade, deployed in March earlier this year.

According to Tezos developers, Nairobi would significantly increase the network’s transaction speed. It would make Tezos up to eight times faster, among other enhancements.

After the Mumbai upgrade, Tezos could process up to 1 million transactions per second (TPS). With Nairobi now activated, the Tezos network’s transaction speed is expected to reach 8 million (TPS).

According to Tezos developers, Nairobi introduced a new fee mechanism for network users. Instead of the original “one size fits all ” fee model, Tezos has moved to a “Pay as you go” fee system. Henceforth, Tezos users will pay fees based on how much data they consume while using the network.

Nairobi also introduces a scaling tool that enables faster network usage, Tezos’ Smart Rollups. The tool allows continuous and automatic upgrades whenever available on the Tezos network.

The impact of the new upgrade is yet to reflect on the price behavior of XTZ, the Tezos native token. The XTZ price dropped by about 4% on Monday after a rejection at $0.828, an existing resistance. XTZ traded at $0.805 as of writing, hovering near resistance in a region that coincides with a downward trendline.

XTZUSD Daily Chart on TradingView

Despite the resistance, there is bullish momentum on XTZ after bouncing off a local low at $0.652. If the price breaks above the resistance at $0.804, and the downward trendline, XTZ could embark on a significant rally.

A break above this level could see XTZ head toward $0.950, a move that could motivate a rally toward the $1.191 price level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Tezos Nairobi Deployment Yet to Impact on XTZ Price Action appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.