Cardano is preparing its latest hard fork called Vasil Hard Fork. This will not only increase the efficiency of the network, but is said to make the network more developer friendly in general. The countdown to the hard fork has been a source of hope for many. Given that the price of Cardano’s own cryptocurrency ADA has fallen heavily, it is hoped that the launch of a hard fork will push it towards a recovery.
Why is Vasil’s hard fork important?
For a network like Cardano that is experiencing rapid growth, it is imperative that the network perform even better than it already does. This includes better network speed and, of course, higher throughput and scalability to handle all operations.
With over 1,000 projects being developed on the network, Cardano is also committed to making the network more developer-friendly. More projects are expected to join the effort given its better functioning compared to Ethereum, and the network plans to accommodate all of this with ease.
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There are more than two weeks left before the launch of the project. Vasil hard fork on mainnet but there is already a lot of talk and hope around him. It is currently running on the Cardano testnet, improving the performance of smart contracts. After the launch on June 29, smart contracts on the Cardano network will become cheaper and faster in terms of their operation.
ADA downtrend continues | Source: ADAUSD on TradingView.com
Vasil oversees the most significant hard fork on the Cardano network; Alonzo hard fork. Alonzo brought the power of smart contracts to the network. However, Vasil will build and improve this foundation to make it a more efficient network.
Cardano (ADA) on the charts
The price action of Cardano (ADA) has been sharp over the past six months. The digital asset that peaked at $3.10 simply lost all of its ground, causing it to drop over 80% from that all-time high. This has put the cryptocurrency in the hands of sellers, and they keep pushing the price down.
However, ADA has shown a significant recovery, bringing it closer to its 50-day moving average. But as long as it continues to move below this line, the outlook for ADA remains bearish. It is also well below its year-to-date moving average, and this too paints a bearish picture for the altcoin.
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However, the attitude of investors towards the digital asset is changing for the better. This is mainly due to the expectation of the Vasil hard fork. The growth of the Cardano DeFi sector has also played a big role in improving positive sentiment. If this continues, ADA could see the $1 mark before the month is up.
Featured image from Bitcoinist, chart from TradingView.com
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