During the last seven days, the cryptocurrency cardano has increased in value by 17.3% against the U.S. dollar, as the community anticipates the upcoming Vasil hard fork, an upgrade that aims to improve the network’s throughput and enhance smart contract capabilities. A poll of 24,468 crypto enthusiasts found that cardano’s value is expected to rise to $1 at the end.
Cardano’s Slow and Steady Development Seems to Be Paying Off
Market gains have been much better for the digital currency cardano (ADA), than any other digital currencies. For example, BTC saw a 6.5% increase, but ADA experienced a 17.3% jump in its value over the same period. Cardano’s rise follows the recent Terra LUNA and UST fallout, and the digital currency has managed to capture the sixth position out of today’s top crypto market capitalizations.
ADA has had a 24-hour price range of around $0.599 to $0.657 per unit and there’s been $1.66 billion in ADA trade volume worldwide on Wednesday. Cardano has been one of the top smart contract tokens that’s been able to dodge a decent amount of the market carnage stemming from the Terra blockchain fiasco. The Input-Output Global (IOG) CEO and inventor of Cardano, Charles Hoskinson, seems to be sticking to the well-known proverb: “slow and steady wins the race.”
Hoskinson, ADA and other decentralized financial (defi), applications have come under fire for not being able to keep up with specific features such as smart contracts or decentralized finance. Hoskinson spoke out in an interview to Sage D. Young (Coindesk Author), stressing that if projects are moving too quickly, it is possible for money to be lost as well. Hoskinson, IOG CEO stated:
If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.
Hoskinson’s ADA was mocked by the Terraform Labs co-founder Do Kwon on April 8, when Kwon explained that the Luna Foundation Guard (LFG) purchased a sum of AVAX. Kwon posted the tweet thread. said: “We may buy ADA for negative correlation.” Amid the LUNA and UST fallout on May 10, Hoskinson quoted Kwon’s tweet and remarked:
What should I do if there is a strong negative correlation with Luna?
Cardano’s Vasil Upgrade and $1 Price Predictions
Cardano will also be getting a major upgrade known as the Vasil hard fork. add fourCardano improvement proposals (CIPs), have been added to the mix. CIPs are CIP-31-32, CIP-32, Inline Datums, CIP-33.3 (Reference Scripts), CIP-40 (Collateral Outputs), CIP-31-31, CIP-32 (Reference Inputs), CIP-30 (Inline Datums), CIP-30 (Reference Scripts), CIP-32-23, and CIP-32 (Inline Datums). CIP-31 in particular is expected to reduce Cardano’s transaction costs a great deal.
“Reference scripts reduce your transaction costs,” the Cardano development team detailedDuring the first week in May. “Currently, new scripts need to be included in each transaction. Reference scripts let you interact with the script by using a reference to push it onto your chain. Interaction with a smart contract becomes minimal.”
Cardano’s hard fork upgrade is expected to be implemented this month and supporters believe that this has bolstered the price in recent times. Moreover, according to a poll run by coinmarketcap.com’s (CMC) “price estimates” tool, 24,468 crypto enthusiasts believe ADA could tap $1.06 per unit by the end of June. 15,940 voters using CMC’s prediction tool think that by the end of July, ADA will be priced at $0.972 per unit.
What do you think about Cardano’s recent gains and the upcoming Vasil hard fork? Please comment below on your views.
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