Inspired by the recent conjecture that the universe has transitioned from AdS
vacua to dS vacua in the late universe made via graduated dark energy, we
extend the $\Lambda$CDM model by a cosmological `constant' ($\Lambda_{\rm s}$)
that switches sign at certain redshift, $z_\dagger$, and name it as
$\Lambda_{\rm s}$CDM. We discuss the construction and theoretical features of
this model, and find out that, when the consistency of $\Lambda_{\rm s}$CDM
with the CMB data is ensured, (i) $z_\dagger\gtrsim1.1$ is implied by the
condition that the universe monotonically expands, (ii) $H_0$ is inversely
correlated with $z_\dagger$ and reaches $\approx74.5~{\rm km\, s^{-1}\,
Mpc^{-1}}$ for $z_\dagger=1.5$, (iii) $H(z)$ presents an excellent fit to the
Ly-$\alpha$ measurements provided that $z_\dagger\lesssim 2.34$. We further
investigate the model constraints by using the full Planck CMB data, with and
without BAO data. We find that the CMB data alone does not constrain
$z_\dagger$ but CMB+BAO dataset favors the sign switch of $\Lambda_{\rm s}$
providing the constraint: $z_\dagger=2.44\pm0.29$ (68\% CL). Our analysis
reveals that the lower and upper limits of $z_\dagger$ are controlled by the
Galaxy and Ly-$\alpha$ BAO measurements, respectively, and the larger
$z_{\dagger}$ values imposed by the Galaxy BAO data prevent the model from
achieving the highest local $H_0$ measurements. In general, $\Lambda_{\rm
s}$CDM (i) relaxes the $H_0$ tension while being fully consistent with the TRGB
measurement, (ii) removes the discrepancy with the Ly-$\alpha$ measurements,
(iii) relaxes the $S_8$ tension, and (iv) finds a better agreement with the BBN
constraints of physical baryon density. We find no strong statistical evidence
to discriminate between the $\Lambda_{\rm s}$CDM and $\Lambda$CDM models.
However, interesting and promising features of $\Lambda_{\rm s}$CDM provide an
upper edge over $\Lambda$CDM.