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06/29/2022

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Reasons why Cardano [ADA] holders will be very pleased in July

The Vasil launch date has been decided upon yet again, as per the Input Output Hong Kong (IOHK). The earlier launch date of 28 June was rescinded due to ongoing market volatility. The date for Vasil testnet has been...

Reasons why Cardano [ADA] holders will be very pleased in July

The Vasil launch date has been decided upon yet again, as per the Input Output Hong Kong (IOHK). The earlier launch date of 28 June was rescinded due to ongoing market volatility. The date for Vasil testnet has been released along with the preliminary for mainnet as well. Now, you might ask if it will be an exciting time ahead for ADA holders.

Glimmer of hope

As per the latest IOHK updates, Cardano [ADA] is set to launch the testnet for Vasil on 3 July. The Vasil launch date has been regularly contested in the Cardano community. The ensuing update has, thus, instilled calm in the community.

We’re delighted to report that in the last few minutes we have submitted an update proposal to hard fork the #Cardano Testnet, and commence the countdown for the #Vasil mainnet upgrade. 🧵

1/n

— Input Output (@InputOutputHK) June 28, 2022

The IOHK tweet also conveys that the community has requested a period of four weeks for transitioning to the mainnet.

“Vasil improvements include higher throughout through diffusion pipelining to a better developer experience via much improved script performance and efficiency (plus lower costs).”

Obviously, the emphatic co-founder has been jubilant on social media. Charles Hoskinson faced a lot of criticism for the hard fork delay and his antics towards Solana. Nonetheless, he has been ecstatic about the news.

https://t.co/5rLuecG5EO pic.twitter.com/m4H6SEODLy

— Charles Hoskinson (@IOHK_Charles) June 28, 2022

Hoskinson, along with the Cardano community, has high hopes for the hard fork. The expectation is that the development activity on the network will eventually aid the token. However, this has not been the case so far.

History speaks

You might ask- Will it be another case of ‘hit and miss’ for Cardano as Vasil edges closer? Recent history suggests so but there is still hope for a price rebound.

At press time, ADA was trading at $0.46. It was down by about 4.6% over the last day. This comes despite the release of the news. Over the last seven days, the coin was down by 1.45%.

The price drop is further reflected in the metrics. As per data from Santiment, ADA’s volume is hovering near the weekly low zone. This is probably due to investor FUD which has been on the rise since the Terra crash.

Even after the recent market upturn, there is limited activity on the Cardano network which may turn out to be an area of concern for developers right now.

Source: Santiment

The news of the Vasil date launch should have caused an uptick in the social volume. But that was not the case. The reading of this metric still hovered below expected levels.

This metric might see a boom on 2 July, prior to the Vasil testnet launch. The community has likely been sidetracked by inflation news and other varying concerns in the volatile market.

Source: Santiment

The date is set and the clock is now ticking for Cardano. Will it be a bust or burst for ADA? This is for everyone to find out in the coming weeks.

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