Cardano’s native token, ADA, has rallied 60% following the announcement of the Shelly upgrade launch from founder Charles Hoskinson.
On a Youtube podcast titled Cryptolark with Lark Davis, Hoskinson revealed the roadmap for Cardano’s upgrade, with the full roll-out of the Shelley upgrade t arrive by July 7th at the latest. Hard forks and taking rewards were also set out on the podcast filmed May 23rd.
The Shelley upgrade is a big change for Cardano and its ADA token, with Hoskinson saying this is the biggest protocol upgrade ever seen from a blockchain. “This is like Ripple changing its consensus protocol […] No cryptocurrency has really done this to this scale after they’ve rolled out.”
For the past two years, the situation at Cardano has seen IOHK developers creating and managing two staking protocols- a Byron-derived approach (currently live) and a ‘Haskell’-based Shelley system.
Now though, this will all be replaced by the Shelley protocol, whose successful ITN testnet is reaching its final moments. The testing had many developers and 1,200 node operators on ITN.
Not only that but Hoskinson says it has been even more of a challenge, especially in the current Coronavirus related climate which has affected the whole world. “I’m really proud of everybody. It’s been a long time coming and it’s been a difficult year because we’ve had to change the tires while the car is running,” he said.
Shelley has long been seen as a crucial stage in Cardano’s development and one that could elevate the much-touted blockchain project to higher heights. Hoskinson certainly sees the potential in the project, telling the podcast, “What we’re creating is basically the world’s next operating system.”
Cardano Price Rises
Following the announcement, Cardano’s ADA price rose from $0.055 to $0.088. Daily trading volume also saw a rise with it jumping four-fold as investors began turning to Cardano. Currently, ADA is consolidating around $0.075 and $0.085.
This rise was even more impressive considering the erratic price fall from Bitcoin which preceded it. The leading cryptocurrency fell by $1,000 in just five minutes, but Cardano managed to break out of the bearish trend.
Alongside the price jump, Cardano also had record engagement on social media. According to reports from LunarCrush, Cardano had 1.6 million engagements on May 28th, with the majority being bullish about the project.