Cardano Becomes Sixth Biggest Crypto With 27% Surge

Blockonomics
Cardano Becomes Sixth Biggest Crypto With 27% Surge
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key takeaways

Cardano is up more than 27% today, surpassing Ripple as the sixth-largest cryptocurrency in the market. The rally comes ahead of the much-anticipated Vasil hard fork upgrade, which is expected to increase the throughput and efficiency of the network. The Vasil testnet is scheduled to launch on June 2, and the mainnet launch is scheduled for June 29.

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The global cryptocurrency market is experiencing a small rally. Cardano led the rally with a 27% price surge, surpassing Ripple as the sixth-largest cryptocurrency by market cap.

Cardano flips the ripples

Cardano has outperformed most of the cryptocurrency market.

In a market-wide rally, the smart contract blockchain’s ADA token rose 27% on the day, surpassing Ripple to regain its position as the sixth-largest cryptocurrency by market cap. The rally took place ahead of Cardano’s much-anticipated Vasil hard fork upgrade. The blockchain is scheduled to launch the testnet on June 2 and the mainnet on June 29. Once fully released, the Vasil upgrade will represent the network’s Alonzo hard fork September 2021.

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While the Alonzo upgrade provides Cardano with smart contract capabilities, unlocking a range of new DeFi use cases, the upcoming Vasil hard fork will purportedly improve the scalability and usability of the network. Specifically, Vasil will include four Cardano improvement proposals, CIP31, CIP32, CIP33, and CIP40, which should rethink the logic of how Cardano’s Plutus scripts are submitted to the blockchain. The CIP upgrade is designed to reduce transaction fees, increase the throughput and decentralization of the network, and solve the so-called “concurrency” problem. severely damaged Scalability of applications on the blockchain so far.

Although Cardano was one of the first smart contract-based Ethereum competitors to go public in 2017, it has fared far worse than most of its peers in terms of ecosystem. It launched smart contract capabilities long after other blockchains like Solana had built their own DeFi and NFT ecosystems, and eight months later, it still has less activity than most other leading layer 1 networks much more. According to Defi Llama, Cardano has about $158 million in total value locked in its decentralized applications, which is 25 times less than Solana and 455 times less than Ethereum. Interestingly, despite Ethereum’s lead in the DeFi space, its market cap is roughly 11 times that of Ethereum.

ADA is currently trading around $0.66, up about 27% from today’s low of $0.51. This gives Cardano a market cap of around $22.3 billion.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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