Cardano Foundation Releases Its Long-Awaited Vasil Hard Fork
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The Cardano Foundation treated users by releasing the long-awaited Vasil hard fork. According to the network, the update will improve the capacity of its network.
At the same time, Vasil helps Cardano lower its transaction costs. In addition to this, Cardano is working to improve its smart contract performance with an update.
The network has named the update after its late supporter Vasil St. Dabov, who was also a supporter of Cardano. Like the most ambitious Cardano updateVasili’s functions live up to its name.
Cardani is a household name in the market as it is the fifth largest blockchain with a market cap of over $15 billion. Its native currency, ADA, is also among the top ten cryptos on the market.
While network visibility is a given, founder Charles Hoskinson wants to work on Cardano’s TVL performance. Total Value Locked, or TVL, is the most visible metric for measuring a platform’s position in the DeFi area.
Despite its amazing performance, Cardano has only $80 million in TVL. In comparison, Ethereum has over $30 billion, while names like Tron and BSC also have over $5 billion in TVL.
The recent update was long overdue and was originally scheduled for release in June. However, Adam Dean considered the update busy, which caused it to be delayed. The development caused the network to lose 13% of its value in ADA.
Thus, it goes without saying that Cardano waited to finally implement a hard fork. The update has been welcomed by the community as the market price of ADA increased by 1.21%. As soon as the hard fork is declared stable, the value is expected to go even higher.