Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back?

The Cardano network is preparing for its upcoming Hard Fork Combinator (HFC) event “Vasil”. The cryptocurrency has been undergoing several updates and optimizations but continues to follow the general market sentiment.

In fact, Cardano (ADA) price has been trending downside since the end of 2021 when it broke below $2 and has continued in that direction as larger cryptocurrencies re-test critical support levels.

At the time of writing, ADA’s price trades at $0.80 with a 5% loss in the last 24-hours and a 6% loss in the past 7-days. The cryptocurrency has been moving down in terms of market cap after becoming one of the top 5 in these terms, but there are indicators pointing to potential bullishness.

Per a post from Cardano developer Input Output Global (IOG), they are focused on preparing the network’s node and consensus for the upcoming HFC “Vasil”. Expected in June 2022, this update will upgrade the mainnet “performance properties”.

“Vasil” is mainly aimed at making Cardano more efficient when processing decentralized applications (dApps) transactions. Thus, smart contract users on the network will benefit from a better experience.

The network introduced its smart contract capabilities back in 2021 with a series of Hard Fork Combinator events (HFC) which ended with the “Alonzo” upgrade. Since that time, the Cardano ecosystem has seen an important expansion.

Despite the growth, ADA’s trading volume has been moving to the downside along with its price. As since below, this metric reached an all-time high in May 2021 and has seen trouble in getting back to previous highs.

Conversely, ADA’s transaction volume has been on the rise and recently hit a multi-year high. This suggests that while retail investors might not be as active on Cardano, whales are potentially buying the dip as the “Vasil” upgrade approaches with the potential to increase the ecosystem’s use cases and efficiency.

Cardano Facilitates Entry Into Its Ecosystem

Cardano developer IOG recently revealed the launch of Essential Cardano. An initiative was created to make it easier for users to explore the ADA-based ecosystem.

Deployed in its beta phase, the initiative will be supported by a “rich” directory of “sharable” content that aims at showcasing the best of the Cardano ecosystem. The community will be able to contribute and access Blogs, videos, and relevant information on the growth of Cardano.

As IOG has stated in the past, their community is a key component of the network. They are providing users with more tools to have a voice in Cardano’s future. IOG added the following on the launch of this initiative in its beta phase:

We want to share early and build this out together. The platform can still be improved on with the community’s input. Some things may break in beta. This is your chance to help get it off to the best possible start & grow it together.

Launching officially today in Beta, we hope #EssentialCardano will grow into a definitive ecosystem resource for understanding #Cardano & everything around it. And spreading the word by sharing the best.

Built on GitHub, curated by IOG, but driven and populated by the community. https://t.co/S2gf3ET75d

— Tim Harrison (@timbharrison) May 5, 2022

Source: NewsBTC.com