Tezos Surges After Successful “Carthage” Protocol Upgrade

Tezos successfully voted-in and implemented the network upgrade “Carthage,” causing XTZ to surge 13%. The upgrade fixes several issues from the last version of the protocol.

The Tezos network has successfully upgraded to protocol 006 following an on-chain governance process. The self-amending governance network upgraded from the Babylon protocol to Carthage at block 851,969, bringing about a gas limit increase and various other small fixes for the network. 

Tezos, a proof-of-stake (PoS) network behind the XTZ coin, has seen significant growth. The 10th largest coin by market cap has gained more than 13% in the past 24 hours, making it one of the best-performing assets on the market of 2020.

At press time, XTZ is trading at around $3.24, according to CoinMarketCap data.

Tezos has seen its price jump by more than 140% since the beginning of the year. The coin reached its yearly high of $3.80 on Feb. 19 but has been consolidating, despite technical patterns suggesting it could push for higher highs. 

The coin’s latest surge followed an upgrade that aimed to resolve some of the main issues the network has been facing when running on the Babylon protocol.

Awa Sun Yin, the founder of CryptiumLabs, announced that the Tezos network transitioned to the Carthage protocol today. This is the third time Tezos has evolved since it was introduced in 2018, she explained.

Carthage was first announced in November last year and was developed by CryptiumLabs and NomadicLabs. The two Tezos core developers said that Carthage was aiming to offer fixes and small improvements to the already feature-rich Babylon protocol.

The most relevant improvements Carthage will bring to Tezos are a corrected formula for rewards and an increase in the gas limit, which will allow the network to execute more smart contracts.

A testnet, called Carthagenet, has been running on the Babylon protocol since November and has been voted-in through a successful on-chain governance process, Yin explained.

While half of the world is still asleep, something magical✨has happened: Bye bye @tezos Babylon.

And welcome to @tezos Carthage.#Tezos has seamlessly upgraded to protocol 006 after a successful on-chain governance process.

— awacate