Tezos releases Nairobi, XTZ bears dominate, bulls unmoved.

Tezos, a proof-of-stake blockchain that can amend itself and a competitor of Ethereum, has recently implemented its latest upgrade via Nairobi. The 14th network improvement went live at block #3,760,129, bringing along with it platform enhancements and the unveiling of the Tezos Ecosystem DAO.

However, even though the upgrade is good news for network users, it did not have a significant impact on the price of XTZ. As of now, the native currency of the Tezos network, XTZ, has been lower in the past 24 hours and has yet to reverse its losses from June 2023.

The Nairobi Upgrade

The Nairobi upgrade was the network’s 14th update, and it was a collaborative effort by numerous teams. It has introduced several mainnet enhancements that could improve user experience. The teams involved in the project were Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori.

The Nairobi upgrade also includes key improvements, such as an enhanced transaction throughput, meaning that transactions can now be processed faster, and transaction fees will be lower. With this release, the Tezos protocol is eight times faster, and it applies to various operations such as transactions, smart contract calls, Smart Rollup maintenance operations, and management operations.

In addition, the blockchain now supports Smart Rollup functions. With new functions and internal Layer-2 messages, Tezos can synchronize rollup kernels seamlessly with future Tezos protocol upgrades. The blockchain has also improved its terminology for better communication and understanding. For faster consensus, the upgrade enhances the speed of pre-attestation propagation.

Tezos Ecosystem DAO

The Tezos community has welcomed the Tezos Ecosystem DAO to streamline on-chain funds deployment and treasury management for vital initiatives within the Tezos ecosystem.

With its launch, the decentralized automated organization (DAO) allows community members to submit funding requests for Tezos-related initiatives. These requests undergo curation, voting, and distributing XTZ. The DAO will be transparent, ensuring all activities are publicly visible to enhance trust and accountability within the community.

Initially, the DAO is governed by a three-out-of-five multi-sig setup, with participating organizations like Trilitech, Tezos Foundation, and Tezos India Foundation holding the keys.

Despite all these changes, XTZ prices remain under pressure and trail the performance of Bitcoin and Ethereum. As of writing on June 26, XTZ is changing hands at $0.80, up 13% from June 2023 lows. However, even with optimistic traders, XTZ bulls have failed to push prices above $0.95, marking June 2023 highs.

Overall, the cryptocurrency market appears to be bottoming up but is yet to close above crucial liquidation levels marking complete reversals from 2022 pits. XTZ remains bearish, down 45% from February highs, as prices are $0.10 away from December 2022 lows.