Input Output On June 7th, he tweeted an update on the upcoming Vasil hard fork. The Cardano developers have confirmed that everything is ready for the scheduled release on June 29th.
#Vasil HF update📢
🏃We have passed the last mile and are heading towards #Vasil update and HFC event. The work is going well, and our operational activities remain focused on delivering H/F in the most efficient way, BUT MOST IMPORTANTLY, with proper quality. #Cardano
— Input Output (@InputOutputHK) June 7, 2022
On the news, ADA climbed 13% to close at $0.60. The upward momentum continues Wednesday with a 9% gain to touch the 50-day moving average line.
In a classic “buy the rumor, sell the news” approach, analysts believe the Vasil update will serve as a catalyst for further price increases as the event approaches.
Last month, @Cardians_ published a chart showing ADA price movement with past hard fork events marked. Each of the previous hard forks has seen a price spike followed by a decline. The exception is the Mary hard fork, during which the price of ADA continued to rise for several weeks after the event.
The Alonzo hard fork is characterized by a prolonged post-release drawdown, albeit amid a broader market decline during this period.
The question is, will Vasil be able to rekindle the previous price form?
What is Vasil?
Vasil’s upgrade falls into Basho scaling the era of Cardano development. This era is focused on optimizing the network for better performance while being ready for growth and mass adoption.
Specifically, Vasil will speed up the main chain with a technology called diffusion pipeline processing, which increases the block size and block propagation efficiency. The end result is higher throughput, achieved with little change to the underlying protocol.
“This promises to substantially increase throughput achievable with minimally invasive changes to the system and thus is an excellent candidate for implementation in the short term.”
The update also includes the implementation of several Suggestions for improving Cardano (CIP), including SIP-31 introduce a new reference input to improve data storage and access, SIP-32 reorganize the way data is attached for greater simplicity, and SIP-33 to reduce the size of the scripts, which will reduce the computational load.
Cardano developers report on Vasil
Detailing the “moving parts” of Vasil’s upgrade, Input Output mentioned that ancillary components such as API systems also require a coordinated update.
“Apart from the main node, several components also need to be updated, including everything from DB-Sync to 3rd party APIs like Blockfrost.“
BUT new node Vasil the release was delivered with several unspecified issues found during testing and the developers are currently working on fixing them.
Ecosystem Partners have access to a special testnet of developers to further test the new version of the node and fine-tune their processes.
Friday marks the next critical point During the upgrade process, a meeting is scheduled with the team to discuss whether they are “in the right position” for a hard fork. Other updates should follow.
Credit : cryptoslate.com