Cardano inventor Charles Hoskinson notified the community in the early hours of May 14 that the Vasil Hard Fork is on track. He stated that it would implement by June 29.
The Vasil Hard Fork will bring big changes to the Cardano network and Plutus, its smart contract platform.
In its Mid-month Development Update, IOHK mentioned the Vasil Hard Fork network. It stated that it is preparing for a closed public testing phase. The testing will also be done in partnership with Dapps. They will be able to test their applications on the network’s testnet and mainnet.
After this phase, exchanges will grant access to test all connectors required to run the Cardano blockchain, according to IOHK. It should be able to hard fork Cardano testing by the end of May 2022.
Users may examine how ADA has performed on the pricing charts in light of these developments and impending changes.
Not too Shabby
ADA was trading at $0.53 at the time of publication, up just 1% in 24 hours. In comparison, the crypto has lost 29 percent in the last seven days. ADA’s recovery is expected to accelerate as the cryptocurrency market begins to “heal”. This is as a result of the several future Cardano developments.
Its market capitalization really fell by only 0.05 percent. Following Hoskinson’s confirmation of June 29 as Vasil’s date, it hit a new high of $18.20 billion. The market capitalization was $18.03 billion at the time of writing. In the last 24 hours, it has dropped 0.9 percent from a high of $18.20 billion.
Volume Down
It’s worth noting that the announcement of a date for the network’s update had no discernible effect on transaction volume. On 14 May, a transaction volume of 1.19 billion recorded. It was down 38 percent from the 1.94 billion recorded on 13 May.
Whales Up
Despite the fact that there was no significant variation in market value following the upgrade, Santiment data revealed an increase in Whale Activity. A total of 238 transactions exceeding $100k had executed as of May 14th. A 3 percent increase over the 230 transactions on May 13th.
A Loss can be a Gain for Others
On the charts, ADA is presently placed 7th by market cap, just below XRP. However, due to the continuing litigation against Ripple and its impact on the price of XRP, ADA may soon overtake XRP.
