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Tezos announces Nairobi Protocol, XTZ reacts in this manner
Tezos announced its next major network protocol proposal weeks after activating the Mumbai Protocol. The Nairobi Protocol will add several new features that can help the network in terms of growth.
– The Nairobi proposal will further improve the Mempool module to speed up consensus.
– Since Mumbai activation, XTZ’s weighted sentiments have improved, and other metrics looked bullish.
Tezos [XTZ], in its latest edition of The Baking Sheet, revealed details regarding its upcoming major network upgrade, named Nairobi. As per the official announcement, this new protocol proposal contains a variety of updates and improvements.
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All about Nairobi Protocol
One of the most notable features of the Nairobi Protocol is that it increases the number of transactions per second (TPS) for specific manager operations by up to eight times. The proposal improves the gas cost model for manager operations’ signature verification by making it dependent on the payload size and cryptographic curve being utilized.
The Nairobi Protocol further improves the Mempool module to speed up consensus by more effectively validating and propagating consensus operations. If the proposal is voted in by the community, an upgrade to Octez v17.0 or later will be necessary to participate in consensus. Tezos will launch its testnet soon.
Nairobi announced weeks after Mumbai activation
Tezos took little time in going ahead with its plans, as the proposal of the Nairobi Protocol was released in the same month it activated the
Mumbai Protocol. For starters, with the activation of the Mumbai Protocol, Smart Rollups got introduced, which is a layer 2 scaling solution built directly into the protocol.Tezos’ state since Mumbai activation
Since the activation of the Mumbai Protocol, Tezos’s social volume has remained consistently high. This indicated its increased popularity in the crypto community. However, it was surprising to see that despite the announcement of Nairobi, the network’s development activity plummeted over the last few days.
Source: Santiment
Things are looking bullish for XTZ
Mumbai also had a positive impact on the network’s native token, as several of its on-chain metrics looked promising. For instance, XTZ’s weighted sentiments improved considerably, reflecting the crypto community’s confidence in the token.
Its trading volume also remained relatively high, which reflected investors’ interest. On top of that, XTZ’s demand in the futures market was high, as evident from its Binance funding rate.
Source: Santiment
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TVL to increase soon?
DeFiLlama’s data revealed that Tezos’ TVL gained upward momentum in the last few days. As per CoinMarketCap, XTZ’s price increased by over 4.5% in the last seven days, which can help the network’s TVL increase further.
It was also interesting to note that, as per LunarCrush, XTZ’s Altrank improved last week, which is a bull signal. At press time, XTZ was trading at $1.16, with a market capitalization of more than $1 billion.
Source: DeFiLlama
