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Tezos Surges After Successful "Carthage" Protocol Upgrade

The characteristic on-chain governance on Tezos is working smoothly, allowing another upgrade to go live on the network. Following the news, XTZ prices surged.

Tezos Surges After Successful "Carthage" Protocol Upgrade

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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. 

XTZ Jumps 13% in 24 hours

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 Price Chart on CoinMarketCap
XTZ 24-hour price chart via CoinMarketCap

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. 

Tezos Price Chart on CoinMarketCap
XTZ YTD price chart via CoinMarketCap

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.

Tezos Upgrades to Carthage 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.

She noted that the governance participation in the protocol upgrade has been “extremely high,” considering the fact that quorum requirements on the network have set the necessary participation rate at around 58%. 

The Exploration and Promotion phases recording participation of 74.75% and 72.05% of the total staked XTZ. 

Tezos Participation Stats
Participation stats on the Carthage protocol upgrade via TzStats

The participation numbers aren’t the only metric that has been up for Tezos. Earlier this week, Crypto Briefing reported on the increase in custodial staking of XTZ, with 15% of its total supply being held by custodians at the end of February. 

Network staking has reached an all-time high of 79% last month, despite only 3 million new XTZ coins being minted during the month. 

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