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Cardano Vasil upgrade on testnet confirmed, Is ADA set to lead the recovery?

Posted on by admin
05
Jul

Source: Aleksandra Sova – Shutterstock

  • IOG, the research, and development company behind Cardano has confirmed that Vasil hard fork has finally launched on the Cardano testnet.
  • Cardano (ADA) has recorded a marginal increase remaining behind Ripple’s XRP in market cap rankings.

On June 3rd, the team behind Cardano confirmed the successful launch of the Cardano Vasil hard fork on the testnet. The much anticipated Vasil upgrade will bring significant performance and capability upgrades to Cardano. Among key improvements includes greater interoperability options for other blockchains and higher throughput through diffusion pipelining. Other improvements to the network include faster block creation and greater scalability.  However, the upgrade has hit many obstacles leading the team to take a cautiously optimistic approach.

Related: Cardano postpones its highly expected Vasil hard fork event following bug discovery

Co-founder of Cardano Charles Hoskinson has called the Vasil hard fork one of the most complicated hard forks ever done on the Cardano network. In a blog post, the Input-Output Global (IOG) team has noted;

Vasil is the most significant network upgrade since the deployment of staking via Shelley.

The latest announcement is key toward the final Vasil upgrade. As confirmed by Input-Output Global (IOG), the software company behind Cardano, developers working on the network and exchanges are welcomed for the final testing and integration processes. As voted by the community, this will be conducted for about four weeks before the upgrade can be triggered on the Cardano mainnet.

Since the announcement, Cardano’s native token ADA has only enjoyed marginal gains, a trend witnessed across the market, likely triggered by Bitcoin climbing back above $20,000. At the time of press, ADA is up by just over 3 percent and exchanging for $0.46. The token is nearly 85 percent under the water from its all-time high of $3.10 achieved 10 months ago.

Will the Cardano Vasil upgrade inspire ADA?

The need for the upgrade has been captured by the community’s sentiments, with many noting that the lacking interoperability options for other blockchains has held Cardano back.

With the final launch, ADA is likely to enjoy a relief rally that sees it gain ground towards getting back to its all-time high of $3.00. But even as investors keep an eye on prices, Hoskinson has called on investors to be patient during the bear market and focus on building with a focus on the regulatory framework.

In a tweet shared in May, Hoskinson noted that in a bear market, no announcement was likely to move the price.

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