Cardano (ADA) Price Reacts Poorly To Vasil Hard Fork
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Cardano Vasili’s hard fork had been awaited for months, and it’s finally a reality. The the hard fork had proceeded according to schedule, and on Thursday, September 22, the hard fork was live online. It was received with great fanfare from the community, but the network’s original token, ADA, had not responded as well.
Cardano Vasil hard fork ready
Cardano Vasili’s hard fork was aimed at making the network more efficient than it already is. This in turn would make it a better platform for developers. It is the most important update made on the blockchain, and its completion is an invitation to the community to celebrate.
With the update, the already affordable transaction fees of the Cardano blockchain will become even cheaper. It adds space, which increases the size of each block, allowing it to store larger amounts of data.
ADA trending at $0.45 | Source: ADAUSD on TradingView.com
Transactions will run even faster with the update. The increased block size also affects this, as the increased storage space increases the speed. So users not only get faster transactions, but also pay less than $0.16 per transaction online.
The ADA price does not respond well
The completion of the Cardano Vasili hard fork has not had a positive effect on the price of its native digital currency, ADA. The price of the digital asset had risen, but it had not been able to exceed a 6% increase in 24 hours.
ADA’s price had jumped after the completion of the hard fork and reached close to $0.50, but was unable to hold this point. It later fell back to the $0.45 level it had been trending at before the update was completed, normalizing around that price point.
However, this did not come as a surprise considering the cryptocurrency’s price movements over the past couple of months. The August Messari report indicated that the event was already priced at the ADA price, so no significant change in the price of the digital asset was expected.
Vasil, named after mathematician Vasil St. Dabov, who was an active member of the Cardano community, had been delayed twice before. By the time the final date was announced, the hype had already died down, and ADA had priced itself alongside the current bear market.
Featured image from Analytics Insight, charts from TradingView.com
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