- A popular altcoin is thought to be poised to experience an impressive rise after a massive network development.
Vasil’s hard fork is coming. Cardano (ADA) Charles Hoskinson, CEO and founder of IOG, the company behind it, announced on Friday when the long-delayed Vasil hard fork will begin. Hoskinson, ADA token It expects the upgrade to be implemented on the mainnet within the next month, which will be welcomed by its supporters.
When is the Vasil upgrade?
If everything goes as planned and all bugs are fixed, Vasil hard forkIt will air in the coming weeks.
During a live broadcast on Friday, Charles Hoskinson, recently deceased Bulgarian mathematician and Cardano advocate Vasil Dabovshared a brief update on the Vasil upgrade named after .
Hoskinson noted that things are progressing rapidly. He said that both the developers and the community are working on the integration, and there is still extensive testing being done on the infrastructure looking good. He also stated that there are no major bugs in the backlog, only minor bugs, and none of these are blocking factors for the hard fork.
To meet the requirements for the upgrade
According to data from PoolTool, Stake Pool Operators (SPOs) running the latest 1,35.3 account for 55 percent of mainnet block production in the current era. That’s pretty close to the 75 percent required to activate Vasil on the Cardano mainnet.
Hoskinson predicts the upgrade will happen in “September” unless the team encounters a significant slowdown along the way. Specifically, the final decision on the exact date will be made in consultation with the network’s dapp development community and developers.
“The next big boost is to get the support of exchanges. Binance reports that they are currently upgrading by volume. Generally, after a hard fork date is announced, you see a huge rush and people work hard to achieve it.
Once the 75% SPO target is reached, and three to five major exchanges by volume have upgraded their Cardano nodes to the latest version, a hard fork date will be scheduled, after which the rest of the exchanges sense the urgency and begin the upgrade. It’s really hard to get them any other way – they usually need some encouragement for that.”
Will ADA rise after Vasil Hard Fork?
The Vasil hard fork is Cardano’s most anticipated blockchain upgrade since Alonzo went live last September. This upgrade will offer crucial network improvements that will reduce the size of transactions, thus increasing the throughput of the network and lowering transaction fees. It is also believed that the upgrade will improve the concurrency issue in Cardano that severely hampers the scalability of decentralized applications.
Cardano’s ADA token, the eighth largest cryptocurrency, is currently priced at $0.4425, up 1% over the past 24 hours. The token fell slightly amid a market-wide sell-off after US Federal Reserve Chairman Jerome Powell reiterated its hawkish monetary policy at the central bank’s Economic Symposium on Friday. After this news, Bitcoin, the world’s largest cryptocurrency by market capitalization, fell below the $20,000 level on Saturday.
From a fundamental perspective, this could also give the token the power to go higher, as the Vasil hard fork could support ADA adoption through improved network efficiency. While cryptocurrency analysts are eager to see it reach $1, ADA is likely to remain in bear territory until Vasil is completed, under pressure from continued macro risks and their negative impact on the cryptocurrency markets.
Interestingly, the much anticipated Ethereum Merge is also scheduled to take place at some point between September 10 and September 20.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.