On July 10, 2020, the Cardano Foundation announced the active phase of the Cardano Improvement Proposal process (CIP), which is aimed at opening the network up to users and developers who wish to get involved in enhancing it.
Cardano (ADA) is on a constant journey of never-ending improvements, and true to their open-source ideals, the dev team expects many of the enhancement projects to come from members of the ADA community.
The Cardano Foundation is also working hard recruiting developers to join the networks and bring improvement, and they are putting serious money into fostering new talent.
ADA’s CEO Charles Hoskinson revealed a partnership with Wave Financial on a joint project dubbed cFund, recruiting new DeFi and dApp developers to the Cardano ecosystem.
cFund is expected to provide $20M to devs looking to build on the network while also distributing 100M ADA tokens to the community to fund people who want to improve the network.
Shelly Upgrade Will Expand Cardano’s Ecosystem
Q2 2020 has been very positive for ADA, Cardano’s native token. The crypto is up by more than 16% since the start of this year and has even outperformed BTC, ETH, and many of its peers.
This bullish sentiment has likely been brought about by recent updates on the long-awaited Shelley mainnet, which will fully decentralize Cardano.
During the community’s Cardano Shelley Summit 2020 last week, Cardano, Charles Hoskinson, revealed that during the Shelly pilot, the network’s incentivized Testnet signed up more than 1,200 stake pool owners who will get their rewards over six months of staking from Aug. 3.
Hoskinson also added that the CF team has already had a Shelley node running since Jun. 30. This node will pave the way for others, testing possible bugs in the network before the mainnet.
Interestingly, Voltaire, the network’s governance layer, is expected to go live alongside Shelley. This upgrade will enable the community to guide and run the network, allocate funds to promising projects and users, and vote on critical decisions.
One Year Ahead of Shelly Upgrade
Cardano’s ADA is one of the best performing digital assets in the last few weeks, with its native token rapidly rising the coin rankings. ADA is up 470% since the crypto crash in March and has enjoyed a 30% surge in July.
After overtaking Tezos a few weeks ago to enter the top 10 cryptos based on market cap, ADA then surpassed EOS and Binance Coin before overtaking BSV to sit in the number six position according to data from CoinMarketCap.
The token jumped to $0.1021 last weekend to hit its highest price level since June 2019. It has rallied by a staggering 170% in Q2 of 2020, thanks to the upcoming shelly upgrade that will decentralize the network and introduce an incentive scheme that allows ADA holders to stake their coins.