After the recent crypto bloodbath, the crypto market is taking small steps towards recovery. Cardano is at the front of this relief rally as its price surged by 27%, replacing Ripple to become the sixth-largest cryptocurrency by market cap.
Not only Ripple but Cardano has surpassed most of the assets in the cryptocurrency market.
Cardano’s native token, ADA, increased by 27% on Tuesday amid the surging prices in the crypto market. The rally in the crypto market came ahead of Cardano’s much-awaited Vasil hard fork upgrade. A testnet is scheduled to launch on June 2, while June 29 is decided for the mainnet launch. The Vasil upgrade will represent the network’s most significant overhaul upon complete launch. Its Alonzo hard fork was launched in September 2021.
Alonzo upgrade granted smart contracting capabilities, unlocking a new range of DeFi use-cases. At the same time, the forthcoming Vasil hard fork is expected to enhance the usability and scalability of the network.
There are four Cardano Improvement Proposals: CIP31, CIP32, CIP33, and CIP40, which are supposed to rethink how Cardano’s Plutus scripts are submitted to the blockchain. The CIP upgrades are enacted to lower the transaction fees, improve the network’s throughput and decentralization, and tackle the “concurrency” issue that has caused some serious disparity in the scalability of the apps on the blockchain so far.
Cardano, launched in 2017, has faced much worse in terms of the ecosystem compared to its counterparts. Cardano launched its smart contracting capabilities a lot later than other blockchains such as Solana, who already had developed their own DeFi and NFT ecosystems and still experienced less activity than several other major Layer 1 networks.
At the time of writing, Cardano had around $143.86 million in total value locked across its decentralized apps, which is about 455 times less than Ethereum while 25 times less than Solana.
At the time of writing, the price of ADA was standing at $0.6062, down 7.70% in the past 24 hours. As of Tuesday, ADA’s price surged by over 27%.
Source: https://www.thecoinrepublic.com/2022/06/01/cardano-replaces-ripple-as-the-sixth-largest-cryptocurrency-amid-crypto-boost-2/