Cardano Vasil Hard Fork On The Horizon, Will ADA’s Price React To The Upside?
July 04 2022 - 2:46PM
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Cardano follows the general sentiment in the market and records a
slight recovery during today’s trading session. If Bitcoin and
larger cryptocurrencies managed to extend the bullish momentum, ADA
seems poised to benefit. Related Reading | Bitcoin Long-Term
Holder Capitulation Approaching Bottom Zone, But Not Quite There
Yet At the time of writing, ADA’s price trades at $0.45 with a 2%
profit in the last 24 hours. Over the last 7 days, Cardano remains
in the red with a 6% loss. The company behind Cardano’s development
Input-Output Global (IOG) successfully forked the network’s
testnet. An “important” step in the upcoming deployment of the
Vasil upgrade on the mainnet. The company called on to stakepool
operators, exchange platforms, and other actors to “commence their
final testing and integration processes”. One month from now,
Cardano will launch Vasil on its mainnet and will complete one of
its most important milestones for 2022. According to IOG, Vasil
will provide Cardano with “significant performance and capability
upgrades”. The network will be able to increase its performance and
throughput by providing developers with a “better experience”. In
addition, the network will become more interoperable and with new
functionalities, such as an Ethereum Virtual Machine (EVM) that
will facilitate the task of migrating an ERC20 token to Cardano.
This could open the door for new decentralized applications (dApps)
and protocols to be launched on the network. IOG said: The Vasil
upgrade is the most ambitious program of work we’ve undertaken. And
the whole community is involved. Our prime concern is ensuring we
manage this upgrade in a way that is safe and secure. Still, it
might take some time before these dApps grow while developers
launch tools and allow users to interact with them. However, the
long-term bullish potential is expanding at a face pace. On this
topic, developer Sebastian Guillemot said: One challenge with this
is although they will now be supported at the protocol level, it
will take some time for the tooling around these to be built.
Notably, it will require some large change in how wallets handle
tokens. Cardano Founders On Their 2022 Priority As the network
advances to the Vasil upgrade, Charles Hoskinson, CEO at IOG, spoke
about the work happening behind the scenes. 2022 has been a year
dedicated to adoption, improvement scalability, and expanding the
dApp ecosystem. In that sense, Hoskinson spoke about the importance
of the recent network updates including the Alonzo Hard Fork. The
results are already tangible, according to the inventor of Cardano,
and will continue with Vasil: the work we’ve put in is showing –
we’ve got a rapidly growing dApp and vibrant NFT ecosystem, with
currently over 1,000 projects building on Cardano (…). It’s always
difficult to define one key moment but the Vasil hard fork is
pretty significant. Once these improvements fall into place, IOG
will turn its eye to governance. As Hoskinson said, they will still
work on updating the network, but “each year has a theme”. Related
Reading | Mounting Support For Bitcoin At $19,000 As Market
Ushers In A New Week Ultimately, Hoskinson said, the network will
achieve its potential by providing real-world value and use cases
to the users. This goes hand in hand with having a “clear” roadmap
despite the criticism about delays from certain users: We have
always pursued a defined, clearly-staged roadmap to deliver on
Cardano’s capability and fulfil its long-term potential.
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