Cardano surged 27% today in anticipation of the long-awaited Vasil hardfork upgrade set to launch in June.
Key Takeaways
- Cardano rallied over 27% today, overtaking Ripple to become the sixth-largest cryptocurrency on the market.
- The rally precedes the highly-anticipated Vasil hardfork upgrade, which is expected to improve the network’s throughput and efficiency.
- The Vasil testnet release is scheduled for Jun. 2, with the mainnet launch slated for Jun. 29.
The global crypto market is experiencing a small relief rally. Cardano is leading the bounce with a 27% price surge, overtaking Ripple to become the sixth-largest cryptocurrency by market capitalization.
Cardano Flips Ripple
Cardano is outperforming the majority of the cryptocurrency market.
The smart contract blockchain’s ADA token has rallied 27% on the day amid a market-wide bounce, surpassing Ripple to reclaim its place as the sixth-largest cryptocurrency by market capitalization. The rally comes ahead of Cardano’s highly-anticipated Vasil hardfork upgrade; the blockchain is slated to see a testnet release on Jun. 2 with a mainnet launch on Jun. 29. Upon full release, the Vasil upgrade will represent the network’s most significant overhaul since the Alonzo hardfork in September 2021.
While the Alonzo upgrade gave Cardano smart contracting capabilities, unlocking a range of new DeFi use cases, the upcoming Vasil hardfork will supposedly improve the scalability and usability of the network. Specifically, Vasil will include four Cardano Improvement Proposals, CIP31, CIP32, CIP33, and CIP40, which are supposed to reconsider the logic of how Cardano’s Plutus scripts are submitted to the blockchain. Together, the CIP upgrades are supposed to lower the transaction fees, improve the network’s throughput and decentralization, and solve the so-called “concurrency” issue that has severely impaired the scalability of the apps on the blockchain to…
