Cardano Network’s Vasil Hard Fork Upgrade Goes Live
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
The Cardano Network has finally rolled out the long-awaited and anticipated Vasil hard fork update to its mainnet on September 23rd. The purpose of its update was to improve the performance of the Cardano network. It increases network capacity and minimizes transaction costs. It was one of the most popular events in Cardano’s history.
According to Input-Output Global (IOG), the upgrade was extremely complex. Therefore, this is a significant achievement for the network. Cardano has over 1,000 decentralized projects. It also hosts ADA, its original brand. ADA drops to #8 in the list of top cryptocurrencies by market capitalization.
However, The Vasil update had several problems and delays. Previously, it was scheduled for June, but the developers continued to find and fix bugs in the update. Last month, Cardano’s developer pointed out the failures of the testnet. This news adversely affected ADA’s performance in the market.
Cardano (ADA) rises amid Vasili’s update
After Twitter ad From the IOG team, ADA saw increased investor interest. The cryptocurrency token rose more than 6 percent to inch closer to $0.50. At the time of writing, the coin is trading at around $0.46. It has a market cap of over $15.58 billion and a 24-hour trading volume of over $1.01 billion.
#Vasil mainnet HFC event was successful!🍾
We are pleased to announce that today, at 21:44:00 UTC, the IOG team in collaboration @CardanoStiftungsuccessfully hard-forked the Cardano network via the HFC event, enabling a new #Vasil properties to the chain.
— Input Output (@InputOutputHK) 22 September 2022
The developer team behind it Cardano continues to develop its own Layer-2 scaling solution, Hydra. This update is expected to be released in 2024. Cardano is one of the most popular altcoins. However, it lags behind many blockchains in the DeFi market. Cardano’s Total Locked Value (TVL) is only $80 million, which is a far cry from the likes of Ethereum, Tron, and BSC. Therefore, the Ethereum killer has a long way to go before it competes with these networks.
Additional reports suggest that Vasili’s update paves the way for another version of Plutus as well. It is the smart contract language used by the network. This update helps developers build faster and more complex distributed applications on the chain. Plutus v2 is expected to reduce transaction costs by more than 75%. The Plutus model will be available online on September 27th.