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Cardano Ecosystem

Crypto News Flash (EN)

07/05/2022

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Cardano Vasil upgrade on testnet confirmed, Is ADA set to lead the recovery?

IOG, the research, and development company behind Cardano has confirmed that Vasil hard fork has finally launched on the Cardano testnet. Cardano (ADA) has recorded a marginal increase remaining behind Ripple’s XRP in market cap rankings. On June 3rd,...

Cardano Vasil upgrade on testnet confirmed, Is ADA set to lead the recovery?

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  • IOG, the research, and development company behind Cardano has confirmed that Vasil hard fork has finally launched on the Cardano testnet.
  • Cardano (ADA) has recorded a marginal increase remaining behind Ripple’s XRP in market cap rankings.

On June 3rd, the team behind Cardano confirmed the successful launch of the Cardano Vasil hard fork on the testnet. The much anticipated Vasil upgrade will bring significant performance and capability upgrades to Cardano. Among key improvements includes greater interoperability options for other blockchains and higher throughput through diffusion pipelining. Other improvements to the network include faster block creation and greater scalability.  However, the upgrade has hit many obstacles leading the team to take a cautiously optimistic approach.

Related: Cardano postpones its highly expected Vasil hard fork event following bug discovery

Co-founder of Cardano Charles Hoskinson has called the Vasil hard fork one of the most complicated hard forks ever done on the Cardano network. In a blog post, the Input-Output Global (IOG) team has noted;

Vasil is the most significant network upgrade since the deployment of staking via Shelley.

The latest announcement is key toward the final Vasil upgrade. As confirmed by Input-Output Global (IOG), the software company behind Cardano, developers working on the network and exchanges are welcomed for the final testing and integration processes. As voted by the community, this will be conducted for about four weeks before the upgrade can be triggered on the Cardano mainnet.

The teams at @cardanostiftung & IOG will be working closely with exchanges and DApp/tool developers throughout this process. As soon as we are confident ecosystem partners are comfortable & ready, we'll submit an update proposal to upgrade the #Cardano mainnet to #Vasil.

5/10

— Input Output (@InputOutputHK) July 3, 2022

Since the announcement, Cardano’s native token ADA has only enjoyed marginal gains, a trend witnessed across the market, likely triggered by Bitcoin climbing back above $20,000. At the time of press, ADA is up by just over 3 percent and exchanging for $0.46. The token is nearly 85 percent under the water from its all-time high of $3.10 achieved 10 months ago.

Will the Cardano Vasil upgrade inspire ADA?

The need for the upgrade has been captured by the community’s sentiments, with many noting that the lacking interoperability options for other blockchains has held Cardano back.

Did you know that until now, a lot of ERC20 tokens just technically weren't able to be ported to Cardano because of missing functionality?

The Vasil update will allow a new class of tokens to be ported over — notably non-custodial token, stablecoins & stateful tokens

— Sebastien Guillemot (@SebastienGllmt) July 4, 2022

With the final launch, ADA is likely to enjoy a relief rally that sees it gain ground towards getting back to its all-time high of $3.00. But even as investors keep an eye on prices, Hoskinson has called on investors to be patient during the bear market and focus on building with a focus on the regulatory framework.

In a tweet shared in May, Hoskinson noted that in a bear market, no announcement was likely to move the price.

Yes, it's called a bear market. That's what happens. Nothing changes it. No announcement makes a difference. Cardano could cure cancer, give you a ten inch dick, give you a personal poker playing robot that also drives grandma to church on the weekends, and we'd still fall

— Charles Hoskinson (@IOHK_Charles) May 9, 2022

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