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The Mumbai upgrade comes at a time when the Tezos (XTZ) market required a boost from the year-long bear market.
Tezos network, a proof-of-stake (PoS) blockchain based on smart contracts, has announced the 13th protocol update dubbed Mumbai Upgrade. Tezos network, the official blockchain of Manchester United, through the Mumbai upgrade, has introduced Smart Rollups, a new Layer 2 scaling solution built directly into the protocol. As a result, the Tezos blockchain can scale to 1 million transactions per second without compromising other blockchain features such as decentralization and security. Moreover, Web3 developers on the Tezos blockchain can use general-purpose programming languages such as Rust, C, and C++.
Additionally, Tezos’ smart rollups enable a high level of decentralization, and fraud proofs guarantee rollup security, provided there is at least one honest participant in the rollup validation. With the advanced rollup features on the Tezos blockchain, smart contract developers can rest assured communication between L1 and L2 is seamless and cost-efficient.
“New data availability solutions are possible, as Smart Rollups support custom data channels for interfacing with data providers external to the Tezos blockchain,” Tezos noted.
In addition to smart rollups, the Tezos Mumbai upgrade also introduced improvements to the layer 1 network by reducing block time from 30 to 15 seconds, thereby reducing network latency. Moreover, the 13th upgrade also makes changes to existing features, including Tickets.
Welcome to #Mumbai – @Tezos ' 13th protocol upgrade.
Designed to Evolve. Built to Empower.#Tezos #BlockchainEvolved pic.twitter.com/gAPQqPYfKq
— Tezos (@tezos) March 29, 2023
The Tezos upgrade was successful through a direct validation between developers and the community. Furthermore, every upgrade on the Tezos network requires majority approval from the community through governance voting.
“Experts from Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori have contributed to this update, which unveils a new era of scalability and opens the door for exciting new applications to be deployed on Tezos blockchain,” the Tezos Foundation noted.
Tezos and the Market Outlook
The Mumbai upgrade comes at a time when the Tezos (XTZ) market required a boost from the year-long bear market. According to market data from Binance-backed Coinmarketcap, XTZ traded around $1.108 on Friday, down over 87 percent from its ATH, $9.17. Having revisited 2019’s low of around $0.7 late last year, the XTZ price action has been on a rising trend YTD. The Tezos (XTZ) has a market capitalization of approximately $1,033,343,483 and a 24-hour traded volume of about $24,862,217.
The Tezos Web3 ecosystem has significantly expanded in the past few years, especially with the introduction of NFT and metaverse projects. Some of the notable NFT projects on Tezos include the Teia marketplace, which is community oriented.
With the global adoption of blockchain and cryptocurrency on the rise, Tezos anticipates attracting more users in the future bull markets.