Cardano Releases New Update On Testnet, How Will The Price Respond?
July 05 2022 - 07:30AM
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Cardano is gradually pushing through most of its network’s building
phases. The Basho phase, the fourth of the five stages of Cardano’s
developing plans, is progressing. The first three phases were
Goguen, Byron, and Shelley, which provide smart contracts, the
foundation, and decentralization, respectively. Finally, Vasil, the
primary feature of Basho, is launched on Cardano’s testnet with a
focus on scalability. In recent news, the Cardano network has
completed the hard fork of Vasil on its testnet. This latest
successful move prepares the network for the upcoming upgrade on
the mainnet. The tech firm Input-Output Global (IOG), handling the
project, announced on July 3. With the progressive movement, the
network is expected to experience more scalability and excellent
performance for all transactions. Also, the tech company is
inviting project developers, stake pool operators, and exchanges to
test run on the testnet. Related Reading | Can This Bitcoin
Ratio Have Hints For A Bottom? They could roll out their projects
to test the features of the Vasil. This would enable the team to
timely maintain all necessary assessments and adjustment the final
upgrade on the mainnet. The IOG team had planned for the Vasil
upgrade on the Cardano mainnet to be on June 29. But it later
postponed the date of the event. The team explained that fixing all
the prevailing unharmful bugs needed more time. According to the
statement from IOG, the network’s community is carried along in the
project through its proposal. However, it would take the confirmed
readiness of the community for the final launch of the upgrade on
the Cardano mainnet. The tech firm estimated one month for the
launch to take place. Cardano Price Reacts Despite Vasil Upgrade
Launching Vasil on the mainnet is expected to introduce several
scalability features on the network. These include enhanced
transaction efficiency and performance and increased block creation
speed or throughput. In addition, the upgrade would enable the
interoperability of the network with several blockchains and
networks. Also, there would be a reduction in the overall network
cost for all users. Cardano has passed through a series of
developmental stages. Smart contract integration stands as its last
principal development stage. This was closely followed by
decentralized applications as well as DeFi protocols. Cardano has
been advancing gradually with lots of activities from developing
irrespective of the numerous projects within the ecosystem. Related
Reading | Leading Crypto Exchanges See Negative Funding Rates,
Have The Bears Taken Over? Vasil upgrade is a great developmental
project on the Cardano network. However, its news of launch hasn’t
made a significant impact on the native token ADA. The price of the
coin is around $0.44 at the press time. This shows about a 0.4%
drop within the last 24 hours. Data from DeFi Llama revealed that
the total locked value (TVL) for Cardano is $115.85 million. The
most significant contributor is WingRiders, a DeFi exchange that
holds up to $49.7 million. Featured Image From Pexels, and chart
from Pixabay
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