Cardano Upgrades To Vasil Hard Fork And Adds 100 Smart Contracts In 2 Weeks

At the beginning of August, the Cardano (ADA) network reached the milestone of 3,000 smart contracts. Since then, the decentralized finance (DeFi) network has shown no signs of slowing down, and on September 22, the blockchain successfully completed the Vasil hard fork.

Notably, the growth continued after the hard fork with the update promising to increase network scalability, with 100 new Plutus Scripts (a platform for ADA-based smart contracts) published in the two weeks after Vasil.

There were 3,292 smart contracts as of September 22, the hard fork update date, as opposed to 3,392 on October 6. According to data obtained by Finbold utilizing statistics from the Cardano Blockchain, the results imply a rise of 100 smart contracts in just 14 days.

One of the many enhancements made by the Alonso update in September 2021 was the addition of smart contract functionality. This enhancement also increased the blockchain’s speed and scalability, provided a DeFi application development platform, and made the blockchain programmable. With the most recent Vasil hard fork, the network continues to benefit from these enhancements.

Cardano slides to an 8-month low when spiked

Despite the Vasil hard fork, the coin has not yet been able to significantly increase its staking value. For the first time since January 2022, the total value locked (TVL) in ADA fell below $80 million on October 6.

Cardano’s TVL specifically dropped to $76.66 million, a 76.49% decrease from the high of $326 million it had hit on March 24, 2022.

By the end of October, the crypto community at CoinMarketCap predicted that the price of ADA will trade at $0.5873, up more than 36% from the price at the time these forecasts were gathered.

Cardano now has a market value of $14.6 billion and is trading at $0.428, down 0.75% over the last 24 hours and 1.97% for the previous week.

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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