Tezos Completes Its 12th Forkless Protocol Upgrade "Lima"

Tezos' 12th upgrade Lima

Tezos has successfully implemented its Lima proposal, making it the 12th forkless protocol upgrade, and allowing for significantly improved scalability and transaction efficiency.

An outstanding track record continues

Tezos dev teams have made some important changes in the Lima Upgrade.

Major pipelining improvements will pave the way for 15-second block times planned for the 13th "Mumbai" upgrade.

Consensus keys were introduced, which allows Bakers to change their private key for signing blocks without manipulating the public key. This idea provides much needed flexibility and will entice Bakers to stay on the network.

Along with "Ghost Net" bug fixes, Lima also notably improved tickets, by making ownership updates included directly in transaction receipts.

What's next for Tezos

Not many blockchains have the record of success that Tezos possesses. Almost all of Tezos' competitors require a hard fork to complete upgrades, and are often plagued by issues when they do.

 

Tezos price on 12/19/22
source: CoinMarketCap

That being said, Tezos is behind various other chains in brand recognition, given its #47 market rank. The XTZ price decreased by roughly 7% after the upgrade, indicating investors are lukewarm.

Tezos core devs have an ambitious plan to reach 1 million TPS by 2023 through vastly improved rollups. Lima makes this one step closer to success.

While the short-term outlook for Tezos is bearish due to macroeconomic factors and general uncertainty, the price will recover as investors realize the high rate at which Tezos is progressing compared to competitors.

Despite some short-term headwinds, Tezos has a strong long-term outlook with Lima enabled.