Cardano (ADA) Price Bullish As Developers, IOHK Confirms Vasil Hard Fork Sooner
The post Cardano (ADA) Price Bullish As Developers, IOHK Confirms Vasil Hard Fork Sooner appeared on BitcoinEthereumNews.com. Cardano’s Vasil hard fork may be coming sooner than expected as IOHK and developer Adam Dean are bullish over it. Adam Dean...
Cardano’s Vasil hard fork may be coming sooner than expected as IOHK and developer Adam Dean are bullish over it. Adam Dean in a recent tweet revealed that Stake Pool Operators (SPOs) running the 1.35.3 node now account for 63% of blocks in the last 12 hours. Moreover, IOHK had confirmed a target of 75% block production on the 1.35.3 node to implement Vasil hard fork on the Cardano mainnet.
As a result, the Cardano (ADA) price skyrocketed over 3% in just 2 hours and over 5% in the last 24 hours. The 24-hour high and low are $0.48 and $0.45, respectively. The ADA price may touch the $0.55 resistance level again this month.
Cardano (ADA) Price Rebounds on Anticipation of Vasil Hard Fork
Cardano developer Adam Dean in a tweet on August 26 revealed he is bullish on the Vasil hard fork happening sooner. According to the 12-hour chart data on PoolTool, SPOs running the 1.35.3 node accounts for 63% of mainnet block production.
IOHK in an earlier tweet confirmed the Vasil hard fork implementation on the Cardano mainnet after the block production on the node reaches 75%. Moreover, developers have already decided that node 1.35.3 will be the final node version for the Cardano upgrade.
This resulted in the ADA price shooting over 3% to make a high of $0.48 in just 2 hours. In the last 24 hours, the ADA price is trading strongly against the market, with the price rising over 5%.
Overall, 57% of 1.35.3 nodes are running the Cardano mainnet. The developers have successfully tested the 1.35.3 node and component integration, with major bugs found. However, there are in total 9 minor bugs in the backlog.
Two other requirements before the Vasil hard fork are at least 25 exchanges upgrading the node to provide 80% of liquidity and top 10 DApps testing against node 1.35.3 on the pre-production testnet.
Currently, Binance and several other exchanges has announced upgrading the Cardano node. Moreover, 4 out of 10 top DApps have confirmed testing against node 1.35.3.
The Vasil hard fork will improve Cardano’s security, scalability, and smart contract performance. Also, allowing developers to build more efficient and secure dApps on the Cardano network.
The ADA price may hit the $0.55 level again soon as the anticipated upgrade may likely be happening next month.
The Delay in the Cardano Upgrade
The Vasil hard fork saw continuous delay, with the latest delay happening in July end. The IOHK announced a delay in the Vasil hard fork due to bugs in node 1.35.0 and further testing to ensure a smooth launch.
Moreover, Cardano founder Charles Hoskinson blasted critics claiming IOHK rushed to deploy the 1.35.3 node despite a bug on the 1.35.2.
Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
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