New Cardano announcement launches ADA price by 60%

Written by: Ali Raza
June 4, 2020
  • Cardano (ADA) saw a major price surge after its founder's recent podcast interview.
  • Charles Hoskinson revealed that the new upgrade, Shelley, will go live by July 7th.
  • Due to the close proximity of the launch and ecosystem maturity, ADA price went from $0.055 to $0.088.

Charles Hoskinson’s cryptocurrency, Cardano (ADA) recently saw a major price surge of as much as 60% after the new announcement. The announcement itself concerns Cardano’s pending Shelley upgrade.

Cardano’s Charles Hoskinson revealed when Shelley is going live

As many likely know, Cardano is in the middle of making preparations for the next of its upgrades, Shelley. Once Shelley arrives, Cardano will have officially stepped into the next stage of its development.

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Hoskinson revealed the roadmap during the recent YouTube podcast with Lark Davis. He stated that the upgrade will bring the Cardano network from a centralized one to a distributed one. This is expected to happen by July 7th of this year.

In addition, Hoskinson also spoke about staking rewards, as well as the hard fork, that will enable the implementation of the Shelley upgrade.

According to him, the move will be the biggest change in protocols in the entire blockchain industry. No other project has done it at this scale after rolling out.

Considering the fact that the upgrade is less than a month away, and the size of the change it will bring, Cardano price quickly started to increase after the announcement. The coin surged from $0.055 to $0.088, while its trading volume skyrocketed by four times.

The project has been going head to head with another project, Tezos (XTZ), both of which seem determined to secure the position of the 10th largest crypto for themselves.

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A difficult development is nearing its end

The development of Cardano has been a lengthy process. The project is known for taking its time and advancing slowly, in order to do everything right, as opposed to rushing things, which has been a downfall of many others.

Over the last two years, IOHK has had two separate teams of developers working on Cardano, and overseeing its progress. During this time, they developed two different versions of the new protocol for staking. One is the so-called Byron-derived approach, which is active now, and it has been for the last two years. The other is Haskell-based Shelley, which is currently in the final stages of testing.

The upgrade is seeing a lot of support due to the ecosystem maturity. There are also over 1,200 node operators that are participating in the tests. Even so, Hoskinson said that the development and conducting the transition have been rather intense for the team. Still, he said that he is very proud of the team’s performance and success.