Cardano had a surge today of 27% in anticipation for the Vasil hardfork upgrade set to launch in late June. This surge has made it the 6th largest cryptocurrency.
Cardano is becoming an outperformer, rallying much higher than many others out there. The smart contract blockchain’s ADA token rallied by a whopping 27% for the day amid a bounce by the rest of the market. It surpassed Ripple, reclaiming its position as the 6th largest cryptocurrency by market cap. This is likely due to the Vasil hardfork upgrade which will likely be the network’s most significant overhaul since the Alonzo hardfork in 2021.
The Alonzo upgrade introduced Cardano to smart contracts, with a new range of DeFi uses. The Vasil upgrade will seek to improve scalability and usability. The Vasil will include fourCardano Improvement Proposals: CIP31, CIP32, CIP33 AND CIP40. These are designed to amend the logic of the Plutus scripts submissions to the blockchain. They will also lower transaction fees and improve throughput and decentralization.
Despite Cardano being one of the first smart contract based networks implemented in the market, it has not done as well as others of the same kind since its launch in 2017. It was kind of late to the game, with networks like Solana having already implemented their DeFi and NFT ecosystems. Cardano has around $158 million in total value across its decentralized apps, which is about 25 times less than Solana, despite its leading position on the DeFi stage.
At the time of writing, Cardano is $.62 around 27% up from its low of $.51.