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Highlights
- Cardano has introduced a new Ogmios upgrade on the mainnet
- The upgrade will directly change the network in readiness for Chang update
- The price of ADA has jumped in light of this upgrade
Proof-of-Stake (PoS) layer 1 blockchain Cardano (ADA) has welcomed a new upgrade on the mainnet. According to an update shared by Cardano Foundation technical director Ktorz, the upgrade has positioned the blockchain ahead of the Chang hardfork.
Another Major Cardano Milestone
In view of the Chang hard fork and the general development of Cardano, a series of new upgrades has made their emergence floated. According to Ktorz, this latest upgrade dubbed v6.5.0 is compatible with Cardano node 9.0.0.
Ogmios is now ready for Chang 1; v6.5.0 is out! https://t.co/Q6bJFxcB3j
✅ Compatibility with cardano-node == 9.0.0
✅ A new ledger state query for treasury and reserves
✅ New protocol parameters covering the new reference script fee & max size
✅ And more…Enjoy 🎁
— KtorZ (@_KtorZ_) July 12, 2024
The Ogmios upgrade brings a new ledger state query for the protocol’s treasury and reserves. In addition, new protocol parameters that centers on the new reference script fee and max size are also introduced. The essence of these functionalities is to relieve the blockchain of the features that might pose bottlenecks in its push toward complete decentralization.
The move toward decentralization remains the ultimate pursuit for Charles Hoskinson and the community. After receiving enough backlash regarding its centralization features, this month marks the proposed timeline to usher in the Voltaire era.
In this era, the community will take charge of the treasury with Interim Constitutional Committee (ICC) partly managing it. While there are only a few blockchain protocols with complete decentralization features, Cardano remain poised to lead in this regard.
The Ogmios update also comes with new changes as revealed by Ktorz. One of these is the “fixed transaction evaluation internal client not being properly terminated and cleaned up after use.” This generally results in “active connections piling up over time” slowing down the network.
The Place of ADA
The growth of Cardano and its decentralized ecosystem aims to drive the growth of ADA. The trends in the broader market with unpredictable crypto liquidations has also impacted ADA.
At the time of writing, ADA is changing hands for $0.4082, up by 1.63% in the past 24 hours. During this period, ADA has jumped from a low of $0.3920 to a high of $0.4099. The trading volume is up by 30% to $345,026,580.
With the introduction of new upgrades on Cardano, the goal is that the impact will be felt on ADA in the long term. With more updates expected in the near term, it remains to be seen if the uptick in the coin will be sustained.
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