The Cardano network is all set to transition to the Shelley era with its forthcoming hard fork. While ADA was one of the best performers of the alt season, the price of the coin seemed to be plummeting as the hard fork is fast approaching.
The entire crypto community has been anticipating Cardano’s Shelley roll out for quite a while now. Last month, the IOHK team released a roadmap highlighting the schedule set for the network’s transition from the Byron era to the Shelley era. The team behind this roll out, stayed true to the dates and executed everything that was accelerated the Shelley hard fork.
Just last week, IOHK inducted the launch process of the Shelley hard fork which would aid to the transition of the network from Byron to Shelley on 29 July 2020. IOHK’s Tim Harrison wrote in a blog post that the team garnered immense progress over the weekend and the launch sequence was initiated. Harrison added,
“The current Cardano Byron mainnet will become the Cardano Shelley mainnet on Wednesday 29th July 2020 at 21:44:51 UTC, starting at epoch 208.”
Additionally, in light of the imminent update, a new version of the Daedulus wallet compatible with the Shelley testnet was also released over the weekend by the team.
Furthermore, elaborating on what’s on the cards for Cardano, Charles Hoskinson tweeted,
This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
As the community gears up for the Shelley rollout, several exchanges exerted support for Cardano’s latest update. Malta-based cryptocurrency exchange, Binance was one of the first few exchanges to do so. The exchange’s blog post highlighted that deposits and withdrawal of the altcoin would be temporarily terminated post 1:00 PM [UTC] on 29 July.
The Very Volatile ADA
Cardano [ADA], over the past few weeks has been lauded for its significant price movement. The altcoin was one of the stars of the recent alt season. Over the last seven days, ADA garnered over 14 percent gains. However, with just two days left for the Shelley hard fork, the altcoin seems to be exhibiting increased volatility. Within just 24-hours, the price of the coin plummeted from a high of $0.150 to $0.141.
Apart from its price, the altcoin climbed the market cap ladder and stands as the sixth-largest cryptocurrency with a market cap of $3.66 billion.