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Cardano [ADA] finally attaches a date to the Vasil upgrade— Decoding the details

Cardano [ADA] finally attaches a date to the Vasil upgrade— Decoding the details

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After many months of speculation Cardano [ADA] Basilica update the date is finally known. According to Input Output, the update would take place on September 22.

This announcement came after founder Charles Hoskinson had said on August 26 that the ADA team was expect in the stock market so that everything is in order. The development meant that all exchanges now pulled the plug on the upgrade procedures.

After the reveal, development company Input Output stated that they had completed the testing phase. The company also expanded the developers’ readiness to meet the demands of the ADA community.

Usher in greatness

Although the much-anticipated event had stalled due to several postponements, Input Output noted that it would bring so many benefits to the ADA ecosystem.

In summary, Vasili’s upgrade would bring cheaper transactions and increase Cardano’s network capacity. This announcement comes after investment platform Robinhood listed ADA.

For developers, the update provides an opportunity to build better distributed applications through the ADA ecosystem. It might seem that these developers are not going to wait for the final update before they start.

According to Essential Cardano, projects built on the network have continued to grow. Based on its latest reportat least one project was built daily throughout August.

This brought the total number of projects in August to 1,076 from 1,045 at the end of July. In addition, it had risen to 1,082 from a few days in September. All of these were accompanied by six million initial tokens and 49.1 million transactions in the past week.

Source: Essential Cardano

Despite the increase in projects, ADA’s development activities decreased considerably. Santiment seemed that the reduction has been running since August 31. The drop is perhaps not surprising, as Cardano had confirmed that it was slowing down and evolving, and that it was preparing for the final touch.

However, it appeared that Cardano did most of the work between August 23rd and August 30th. As for its active addresses, it has been responded to. At press time, ADA’s 24-hour active addresses had risen to 63,183.

Source: Santiment

Where is the next stop?

Interestingly, ADA seems to be on track to turn the update into a win for its investors. CoinMarketCap the data showed that ADA rose 3.34% to $0.47 in the last 24 hours. The cryptocurrency had also risen by the same amount against Bitcoin [BTC] and Ethereum [ETH]. As for its 24-hour volume, it has risen 16.90% to $657.19 million. So, can the ADA keep up the momentum?

The likelihood of the ADA’s failure may be disappointing to its detractors. This is because the Relative Strength Index (RSI) showed that ADA maintained a steady buying momentum. Sustaining the momentum could mean investors can make more profit in the short term before the upgrade is fully implemented.

Source: TradingView



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