Tezos has launched its 16th network upgrade, known as the Paris upgrade, significantly improving transaction speeds and reducing fees.
The Paris upgrade, which went live on June 5, has reduced block finality times to just 10 seconds. This enhancement aims to boost the network’s future layer-2 (L2) scalability, potentially allowing Tezos-based L2 solutions to process millions of transactions per second (TPS).
One of the primary objectives of this upgrade is to ensure low transaction fees across the EVM-compatible L2 network, Etherlink, even during periods of high network demand. According to Arthur Breitman, co-founder of Tezos, Etherlink has now become more cost-effective than competitors like Arbitrum and Optimism, while also offering a better user experience (UX).
“With the Paris upgrade, Etherlink users will benefit from an improved UX: L2 transaction finality times will match those of Arbitrum One and Optimism, but L1 publication latency will be significantly better.”
Etherlink now boasts a transaction finality time of just 500 milliseconds, with data being posted to the main L1 in about 10 seconds. In comparison, it takes two minutes on Optimism and seven minutes on Arbitrum One.
Despite these advancements, Arbitrum One and Optimism remain the largest Ethereum L2s by total value locked (TVL), with $19.2 billion and $7.8 billion, respectively, according to L2Beat. However, the improvements brought by the Paris upgrade position Tezos as a strong contender in the L2 scalability race.
Summary Review: Tezos Paris upgrade represents a significant milestone in enhancing the network’s performance and scalability. By reducing block finality times to just 10 seconds and improving layer-2 solutions, Tezos is poised to handle millions of transactions per second. This upgrade not only ensures faster and cheaper transactions but also positions Tezos as a competitive player in the blockchain space, offering improved user experiences and maintaining low fees even under high demand. The Paris upgrade underscores Tezos’ commitment to continuous innovation and scalability, paving the way for future growth and adoption.
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