Cardano Vasil’s hard fork was anticipated for many months. Finally, it has become a reality. This is the The hard fork had proceeded according to scheduleOn Thursday, September 22, the hard fork had been made live by the network. It was received amid much fanfare from the community, but the network’s native token, ADA, had not reacted as well.
Cardano Vasil Hard Fork Completed
Cardano Vasil was created to improve the efficiency of the network. It would also make the platform easier for developers to work on. It’s the largest upgrade on blockchain. The completion of this project is cause for celebration in the community.
Cardano’s already affordable transaction fees will get even more cheap with this upgrade. This upgrade adds space to each block. It is able save more data.
Source: ADAUSD on TradingView.com| Source: ADAUSD on TradingView.com
Upgrades to the system will increase transaction speeds. This is due to the larger block sizes. The more data stored space also means a faster transaction. Users will be able to perform faster transactions and pay less than $0.16 per transaction.
ADA Price Doesn’t React Well
The price of ADA, the native cryptocurrency of Cardano Vasil has not seen a significant increase since the completion of the Cardano Vasil fork. The price of digital assets had seen an increase, however it could not exceed a 6% rise in 24-hours.
ADA’s price had jumped upon the completion of the hard fork, rising close to $0.5, but it was unable to hold this point. In the end, it dropped back to the $0.45 price level that it had trended at prior to upgrading. This is what normalizes around.
This was not surprising considering the recent price fluctuations of cryptocurrency. Messari’s August report showed that this event had been priced in to the price of ADA. This means there wasn’t any significant price change for digital assets.
Vasil was named after Vasil St. Dabov, an active Cardano citizen. Vasil had previously been postponed twice. The hype was already over and ADA’s price had fallen in line with current bear markets when the final date was set.
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