Tezos blockchain deployed the network’s fourteenth upgrade “Nairobi” on Monday in a move that makes transaction speeds up to eight times faster, among other enhancements.
The blockchain could previously process upto 1 million transactions per second (tps) after March’s “Mumbai” upgrade.
Developers said Nairobi introduced a new fee mechanism that charges users differently based on network usage instead of a one-size-fits-all flat fee as charged in prior blockchain versions.
Nairobi also enables Tezos’ Smart Rollups – a scaling tool that allows even faster network usage – to get upgraded continually and automatically as newer upgrades on Tezos are deployed in the future.
Meanwhile, Tezos network usage currently remains significantly low. Tezos processed just 68,000 transactions over the past 24 hours compared to popular blockchains in the same time period.
The network's XTZ token was down 2% at 80 cents at the time of writing.
Data shows Ethereum processed 1 million transactions, BNB Chain processed 3.9 million transactions, and Bitcoin processed 400,000 transactions.