- 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.
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