IOG Successfully Hard-Forked The Cardano Testnet: Report

IOG successfully hard-forked the Cardano testnet ahead of the Vasil upgrade which is meant to revamp scalability and performance so let’s have a closer look at today’s latest Cardano news.

IOG successfully hard-forked the Cardano testnet in readiness for the upcoming Vasil upgrade. The new development promises bigger scalability with performance improvements to the network. The latest announcement was made on July 3 by Input-Output Global the tech company behind Cardano. IOHK rebranded to IOG and called upon developers, exchanges, and stake pool operators to launch projects on the testnet. Any necessary adjustments will be noticed before Vasil becomes a reality on the mainnet.

The Vasil hard fork is one of the main features of Cardano’s Basho phase and the latter is the fourth in a series of five network building eras with the previous three focused on the foundation Buron, smart contracts Goguen and decentralization Shelley but Basho’s aim is scalability. Once launched on the mainnet, Vasil brings a host of scalability features and among them are increased throughput or block the creation speed and better script performance and efficiency so the users will benefit from low network costs but Vasil now will allow interoperability between other blockchains and Cardano.

Charles Hoskinson, IOHK Founder

For now, IOG says that the Vasil proposal for Cardano mainnet will be released once the community is comfortable and ready. The experts expect this to be done in the next four weeks. IOGK scheduled the Vasil mainnet hard fork but the engineering team agreed to postpone the event to create more time for fixing several bugs. The preivous major development for Cardano was the integration of smart contract functionality and with it came a string of Dapps like Defi protocols. Even though the ecosystem was plagued with concurrency issues it will continue seeing developer activity and a growing number of dapps.

The IOG scheduled the Vasil mainnet hard fork for June 29 but the engineering as per the DEFI TVL aggregator DEFI LLama and the Cardano TVL is now at $115 million. DeFi exchange Wingriders is the biggest contributor to the figure and holds $49 million in TVL. Despite Vasil being a big deal for Cardano, the news of the testnet deployment has done little good to the ADA price and the token was trading at $0.44 or down by 0.4% on the day.

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