• Algorand (ALGO) is a top-rated smart contract layer one (L1) blockchain that has recently upgraded its network, improving performance and providing new features for developers.
• The upgrade reduced the block time to 3.3 seconds, allowing the network to process up to 10k transactions per second. This provides a scalable and secure platform for DeFi traders.
• The update also includes Simulate for smart contracts, which allows developers to test their Dapps before deploying them on the mainnet.
Algorand (ALGO) Network Upgrades
The Algorand (ALGO) network, a top-rated smart contract layer one (L1) blockchain with more than $95 million in total value locked (TVL), has continued to flex its operations in the decentralized financial (DeFi) market. The core developers have provided a comprehensive Web3 development tool dubbed Algokit to enable seamless integration with the mainnet. Moreover, the Algorand network had a stablecoins market capitalization of about $223 million.
Reduced Block Time and Increased Throughput
In the latest Algorand upgrade, the mainnet reduced block time to roughly 3.3 seconds, which represents more than a 10 percent uptick in processing speed, while still maintaining the initial instant transaction finality. With the upgrade, the Algorand network can now easily handle 10k transactions per second, thus assuring DeFi traders of a scalable and secure platform.
Simulate Smart Contracts
The updates also included Simulate for smart contracts which allow developers to rigorously test their Dapps before deploying on the mainnet. Through these new capabilities builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing. Notably, Algorand incorporated valuable feedback from its developer community before ensuring this upgrade on its mainnet..
Additional Features Available To Builders On Algorand
Apart from Simulate for smart contracts some of other features available include an SDK that simplifies connecting applications or wallets with nodes; optimized protocols that enable faster consensus; atomic swap trading protocol; multi-signature wallet support among others .
ALGO Price Trend
Despite these game-changing upgrades ALGO price is trending downwards having lost more than 96 percent of its value from it all-time high(ATH).