Cardano Is Really Overvalued Ahead Of The Vasil Hard Fork?
Vasil hard fork could happen in a few weeks but data suggests Cardano may be overvalued. With Vasil’s upcoming hard fork, Cardano is expected to have an overhaul of the network. The focus will be on throughput enhancement and...
Vasil hard fork could happen in a few weeks but data suggests Cardano may be overvalued.
With Vasil’s upcoming hard fork, Cardano is expected to have an overhaul of the network. The focus will be on throughput enhancement and smart contract improvement.
In a recent report, on-chain analytics platform Messari found that Cardano is “valuing higher” when compared to other burgeoning ecosystems led by Vasil. It also said the market seems to be expecting significant improvement from the much-anticipated upgrade.
Cardano has been trailing competitors like Solana, Algorand, Tezos, and NEO in terms of daily transactions. On the other hand, Cardano leads in terms of active users’ majority, transaction multiples as well as TVL multiples. These metrics basically gauge the value of an asset. As discovered by Messari, Cardano was overvalued prior to the hard fork.
However, PoS blockchain advocates believe otherwise. One of them was a Twitter user named “ADA Whale”, who called Messari’s report “flawed”.
Convinced that applying these sorts of traditional multiples – especially when based on inaccurate or flawed metrics – will mean that you continue to not get what drives value in crypto.
— ADA whale (@cardano_whale) August 9, 2022The Vasil upgrade has been delayed several times. This has drawn outrage across the industry, but the IOG developers still insist that they are not in a hurry.
Kevin Hammon, Technical Director of Input Output Global, previously revealed that the team is doing thorough repairs and testing to make sure no serious issues have been missed. The company’s CEO, Charles Hoskinson, further confirmed that he does not anticipate any further delays. Despite the lack of a specific timeline, Vasil is expected to launch the mainnet in the next few weeks.
Despite the delay, some ADA holders are optimistic. The token’s average-sized investors added nearly 80 million ADA in a month, according to Santiment’s latest data.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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