The Cardano network has finally launched the Vasil hard fork after delaying it several times. On September 22, Cardano’s highly anticipated Vasil hard fork upgrade was seamlessly released on the network and will run until September 27. This upgrade will enhance the network’s smart contract capabilities, increase the network’s throughput and reduce transaction costs. So is the Vasil upgrade so important to the network an opportunity to buy ADA?
Cardano, Vasil hard fork upgrade launched
On Thursday, September 22, Cardano Blockchain launched the Vasil hard fork upgrade, named in honor of Bulgarian mathematician Vasil Dabov. Vasil is a significant effort for the scalability and breadth of the peer-reviewed Proof-of-Stake (PoS) network Cardano. Because the upgrade aims to improve the concurrency issue in addition to these features of the network.
So Vasil will pave the way for a much better user experience for Web3 app developers in Cardano. In addition, Vasil will also introduce a second version of Plutus, Cardano’s smart contract programming language. The features of Plutus v2 will come one period after the Vasil fork, which is expected to take place on September 27. Plutus was introduced in the previous Alonzo update that took place last September.
Vasil was delayed many times
In fact, the team had originally planned for the Vasil hard fork to launch on the mainnet in June. However, the target date deviated. That’s why IOG, the company that developed Cardano, had to reschedule the launch twice. All of this has also created anxiety among investors and negatively impacted the network. The Cardano team attributed these delays to the need for time to fix bugs and further testing.
But Cardano founder Charles Hoskinson assured the ADA community that there will be no further delays. cryptocoin.com “We do not anticipate any problems and there is no going back anymore,” Hoskinson said on September 18. Now Vasil has begun and will take place in two stages. The first of these stages took place on September 22. The second upgrade phase will take place on the network on September 27.
Will the ADA price explode with the Vasil effect?
The ADA price took a hit last week after the Fed raised interest rates by 75 basis points. This blow comes at a time when the altcoin has been following stagnant price action for a long time. In other words, Cardano price continues its decline, which it started with the 2022 bear market. But popular analyst Michael van de Poppe says investors shouldn’t mind.
Poppe says all signs indicate that the ADA is ready to defend critical support areas. As such, he notes that the ADA is unlikely to see a massive pullback. According to him, the region between $0.32 and $0.40 will be the key price points for the next bullish cycle. However, Van de Poppe believes “big opportunities” lie ahead for the ADA. According to Poppe, it is possible for the ADA price to climb to $1 after the successful execution of Vasil.
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