For the past month, there has been much talk about the Cardano (ADA), Vasil hardfork. Although the original June hard fork was scheduled to be live, security concerns forced the change to July. However, this has not diminished the excitement surrounding the hard fork. It was now set for the last week of July, and the excitement is building. But, it has not been able to match its cost.
Cardano Vasil Hard Fork
Cardano’s growth has forced it to be updated. IOG has been a great developer for Cardano. Cardano is the network where there has been most activity. This means that Cardano has attracted a lot of developers who want to work on it. At the moment, more than 1,000 projects are being created on this network. This is despite its use of a language not widely used by other programming languages.
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Cardano’s Vasil hard fork will allow it to offer cheaper transactions over its network. The CIP-33 scheme, which lowers transaction costs by shrinking their sizes, will be implemented. This new “weight” will also make for faster transactions across the network.
Vasil will also make it easier for developers adapt to Cardano’s network. The platform will be able to attract more developers, which will help it grow. The ease-of-use may even encourage developers from Layer 1 Blockchains to migrate to Cardano.
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This is why the community is so excited about it. Vasil has yet to make a significant impact on the value of the digital asset, so there are concerns over its ability to do so.
ADA continues to struggle
Back in June when the Vasil Hard Fork had received a set date, the price of Cardano’s native token ADA had soared off the back of the news. This was what we expected, as the hardfork is closer. However, that has not happened.
Despite the buzz around the hard fork in the community, the price for ADA is not changing. There hasn’t been any price movement. The digital asset is maintaining its low momentum. In fact, it has fallen in the past seven day, reaching $0.42.
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The fork will still be two weeks away. As it gets closer, anticipation is sure to grow. It will likely occur in July’s last week, when the anticipation is at its highest. The cryptocurrency could see some relief. It is unlikely that it will be significant given the cryptocurrency’s current momentum. Indicators place the price for ADA at approximately $0.5 prior to the hardfork. But, anything more may not be feasible.
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