Enhancing epoch boundary performance and addressing P2P/DNS issues would promote efficiency and expansion in the developing DeFi market.
Node 8.1.1, a new update from Cardano, the blockchain platform renowned for its emphasis on security and scalability, is intended to improve the speed of its network, especially for stake pool operators (SPOs). The update, which went live on the Cardano mainnet on June 19th, brings about appreciable improvements in epoch boundary performance and fixes earlier P2P/DNS-related problems.
Cardano’s GitHub highlights that all SPOs are strongly encouraged to update their nodes to the most recent version in an effort to maintain optimal network functionality.
The launch of Node 8.1.1 demonstrates Cardano’s dedication to ongoing development and to giving its users a reliable infrastructure. Cardano seeks to increase the network’s effectiveness and dependability by concentrating on improving performance and addressing prior issues, especially for stake pool operators who are essential to the ecosystem.
This update demonstrates Cardano’s commitment to upholding a reliable and effective blockchain infrastructure and actively involves its community in the continuing development and optimization of its network.
Cardano Node 8.1.1 Upgrade
The upgrade is considered a minor release designed to ensure better network connectivity and user stability. As Rick McCracken of DIGI tweeted
Stake pool operators and users in particular stand to gain from the Cardano network’s most recent version, Node 8.1.1. The upgrade is concentrated on the regions of the Cardano DeFi ecosystem that are growing the fastest due to the rising total value locked (TVL) there.
Improved efficiency, which enables quicker transaction processing and smart contract administration, is one of the main benefits. All network users benefit from lower latency and an enhanced user experience as a result.
The upgrade also improves scalability, allowing the network to support more concurrent users and process a higher volume of transactions. As Cardano continues to draw a larger user base and decentralized applications, its scalability is essential.
By reducing the possibility of bottlenecks and performance problems during epoch transitions, the network security improvements help to promote stability. Users are guaranteed a constant and flawless experience thanks to this.
Despite these developments, Cardano’s market statistics indicate a minor price shift. With a 24-hour change of -0.21% and a 7-day change of -8.02%, the price of ADA is currently $0.25872. It’s important to note that the token is still well below its all-time high, which was $3.09503, set in September 2021.
By encouraging stake pool operators to actively contribute to the network’s upkeep and expansion, the improvement benefits both stake pool operators and players by bringing about a more equitable distribution of rewards.
Growing DeFi interest in Cardano
The large rise in the network’s total value locked (TVL) indicates that interest in the Cardano ecosystem is expanding. Cardano’s DeFi TVL crossed 500 million ADA in the middle of June, signaling growing interest in the ecosystem.
The ADA token TVL reached 513.25 million ADA on June 13th, according to data from DeFiLlama, a significant increase from 198.65 million ADA at the start of the year. The smart contract network reached a new record with this. The TVL has further risen to 516.49 million ADA as of June 20 press time, a gain of 0.63%.
Given that Cardano has just recently hit the milestone of 400 million ADA tokens on May 19th, the increase in TVL is particularly remarkable. This implies that within a two-month period, the Cardano DeFi ecosystem added more than 116 million new ADA coins.
The Cardano ecosystem’s TVL is still growing, despite the regulatory uncertainties brought on by the U.S. SEC’s probable designation of the cryptocurrency as a security in its lawsuit against Binance on June 5th. These accusations have been disputed by the Cardano community and the Cardano Foundation. In addition, some exchanges delisted ADA recently in response to the regulatory environment.