Tezos upgrades to the new Carthage protocol which caused the Tezos price to surge 13 percent. This new upgrade is supposed to fix all of the issues from the previous version of the protocol as we are about to read in the tezos price news below.
The on-chain governance characteristics for Tezos are working smoothly now and allow for the new upgrade to go live on the network. Right after Tezos upgrades, the Tezos price surged. The entire network was upgraded to protocol 006 after the on-chain governance process so the self-amending governance network moved from Babylon to Carthage at the block 851,969 which brings a gas limit increase and other smaller issues that needed fixing on the network.
Tezos is a proof of stake network with the XTZ coin that saw incredible growth. The 10th largest coin by market cap gained a lot more than 13 percent over the day which makes I tone of the best performing assets right now available on the market. Right now, XTZ is trading around $3.24 according to the data. The Tezos price also saw another jump by more than 140% since the start of the year and it reached a yearly high of $3.80 which was in a consolidation phase despite the technical patterns suggesting a further push to new highs.
The latest tezos price surge came after the upgrade which aimed to resolve a lot of the main issues on the network that were there because of the Babylon protocol. The founder of CryptiumLabs Awa sun Yin, announced that the entire network moved to the Carthage protocol which is the third time that Tezos evolved since it was introduced. Carthage was announced and aimed to offer improvements of the network. The most important improvements will bring the altcoin a new formula for rewards and an increase in the gas limit which will help the network execute smart contracts faster.
The Carthagenet testnet was running on the Babylon protocol since November and was voted as the most successful on-chain governance process according to Yin. She noted that governance participation has been high despite the fact of the quorum requirements on the network which have to be up to 58 percent. The exploration and promotion phases showed participation of 74% and 72.5 percent of the total staked XTZ.
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