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“Bombay” update of Tezos network; How does this update affect the price of XTZ?

In the 134th issue of Tezos Ecosystem Weekly, some of the updates and developments of the network in the past few days were revealed. The most obvious event of the Tezos ecosystem was the entry of the “Mumbai” upgrade proposal into the voting stage.

According to Valx and quoted by Ambcrypto, the “Bombay” upgrade will bring several new features that will significantly improve network performance. For example, the block time will be reduced to 15 seconds following this upgrade.

This reduction in block generation time is achieved by using parallelization techniques Pipelining It is improved. In addition, following the Mumbai update, “Tickets” in the Tezos network can also be transferred between user accounts and there is no need to have a smart contract or roll-up on one side (sender or receiver).

Another good news for the dynamic field of NFTs on the Tezos Network (XTZ) is the support for the display of NFT tokens of this network by the “Ledger Live” app of Ledger hardware wallets. Thanks to this new feature, collectors and artists who keep their valuable tokens in cold wallets for added security will be able to view their NFTs safely in their hardware wallets.

The impact of this news on the Tezos NFTs market was evident. The chart below shows the total number of NFT trades and their dollar volume in recent days.

The number and value of Tezos Network NFT transactions

During the last week, the price of Tezos acted according to the wishes of investors and increased by more than 8%. The market value of this network is one billion dollars.

The analysis of Tezos shows that the amount of development activities has increased in recent weeks. Planned upgrades are the main driver of this trend. Positive feelings towards this token continue, which shows the trust of the user community.

Chart of development activity (purple), funding rate of Binance exchange (yellow), positive sentiments (red) and Tezos price (green)
Chart of development activity (purple), funding rate of Binance exchange (yellow), positive sentiments (red) and Tezos price (green)

On the other hand, the XTZ currency was able to maintain its demand in the derivatives market; The funding rate of this coin remained relatively high in the Binance exchange. Nevertheless, the value of this currency has decreased significantly in recent days, which can lead to the stop of its price growth.

Tezos network’s “Bombay” update post; How does this update affect the price of XTZ? The first time in the blog Valx. appeared.

Amirim

hello my name is amir; i love bitcoin and dogecoin 🎯

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