Cardano (ADA) overtook Tezos as the 10th largest cryptocurrency by market capitalization at the beginning of its next major update.
The move comes after Cardano creator Charles Hoskinson announced that the release of an upcoming update called Shelley is scheduled for June 30th and July 7th.
Shelley is expected to transform Cardano into a fully decentralized Bet Proof Network (PoS). The upgrade will allow network users to earn ADA, Cardano’s own cryptocurrency, by holding large amounts of the cryptocurrency in a process known as staking.
According to Christopher Greenwood, head of the Cardano project, pool operators currently testing Shelley like what they see.
“Things are going really well … Our friends and family pioneers have done a great job going through the exercises, and we are on track to achieve all our goals.”
Last week, after Hoskinson’s announcement, the value of the cryptocurrency jumped by nearly 20% and eventually reached a three-month high.
After trading at around $ 0.064 on May 29, the token is now valued at $ 0.088, above 37%, according to CoinMarketCap.
As the market capitalization of the asset reached $ 2,298,008,270, the ADA became the 10th largest cryptocurrency , surpassing Tezos , which currently has a market capitalization of $ 2,127,163,426.