Cardano

Vasil Hard Fork: the 2nd upgrade to the Cardano network that focuses on stability and connectivity

Cardano (ADA) is a proof-of-stake blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create the possibility for the many, as well as the few, and bring about positive global change: the first to be founded on peer-reviewed research and developed through evidence-based methods. Its main applications are in identity management and traceability. The former application can be used to streamline and simplify processes that require the collection of data from multiple sources.

Cardano has been looking towards its most recent hard fork titled the Vasil Hard Fork. Vasil hard fork is taunted as the solution to the scaling and high gas fee problems on the Cardano chain.  For the longest time, ADA has been dealing with the issue of low scaling and has been overtaken by the likes of Solana and Bitgert in terms of speed. This will improve not only the network efficiency but is said to make the network more developer-friendly as a whole. While many blockchains rarely do the hard fork, Cardano is a sort of blockchain that experiences periodic improvements every year.

What is Cardano Vasil Hard Fork:

Vasil hard fork is the second massive upgrade to the Cardano network that focuses on overall network stability and connectivity. For a network like Cardano which is seeing rapid growth, it becomes imperative for the network to run even better than it already does to better network speed, higher throughput, and scalability to handle all of the activity. The idea is to, in effect, the smart contract platform that Cardano uses and to make it easier for people to do things involving smart contracts of the blockchain.

Cardano’s founder, Charles Hoskinson, is confident that the impending upgrade would greatly enhance Cardano and its smart contract, Plutus. The Plutus and Marlowe teams stated that they are doing fantastic work. And more projects are expected to jump on board given its better functioning compared to Ethereum and the network plans. Once Vasil hard fork is completed, Cardano will receive a higher throughput and an enhanced range of decentralized finance (DeFi), decentralized exchange (DEX), and smart contracts.

Impacts of Cardano Vasil Hardfork on ADA price:

Cardano is the eighth leading cryptocurrency in terms of market cap. The Cardano cryptocurrency has been in something of a downturn so far in 2022. While it seemed to be moving upwards, hitting a daily high of $0.9041, the storm clouds were on the horizon. The price of ADA was US$0.5171 as of May 2022, with a trading volume of US$654,637,056.

ADA has seen some significant recoveries which have brought it close to its 50-day moving average. The growth of the Cardano Defi sector has also played a big role in this improvement in positive sentiment. It’s vital to do extensive research before making a purchase or investment in ADA. If this continues, ADA may see the $1 mark before the month runs out.