Vasil started— the investment opportunity of a lifetime for ADA?
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- Cardano is making history by launching the Vasil hard fork, which is expected to bring improvements to make the blockchain more scalable and cheaper.
- Crypto analysts believe the upgrade could act as a bullish catalyst for ADA, but the broader macroeconomic landscape is clouding the token’s near-term outlook.
After several delays, Vasil is finally here. On Thursday, Cardano’s long-awaited Vasil hard fork — aimed at improving smart contract capabilities, increasing network performance and lowering costs — went live without a hitch.
The most pressing question in the crypto space is what’s next for ADA, with its huge technological achievement now in the bag?
Vasili is triggered by Cardano
On Thursday, September 22, the Cardano blockchain launched the Vasil hard fork, named after the late Bulgarian Cardano advocate and mathematician Vasil Dabov.
Vasil is a major upgrade that aims to scale and expand the peer-reviewed proof-of-stake (PoS) blockchain. It also promises to improve the “concurrency” problem, enriching the developer experience for Web3 engineers building distributed applications on the Cardano chain.
Vasil also presents another version of Plutus – Cardano’s smart contract programming language. The Plutus v2 features come one era after today’s fork, which is expected to happen on September 27. Plutus was introduced in the previous Alonzo update that happened last September.
The Vasil hard fork was originally scheduled for a June online release, but as the target date crept in, Cardano developer Input Output Global (IOG) rescheduled the release twice to fix pending bugs and allow time for additional testing.
However, Cardano founder Charles Hoskinson had assured the ADA community that the team did not expect any further delays. On the September 18th live broadcast, Hoskinson stated:
We don’t expect problems to come, but there is no going back now. No testing or anything can save us because the rocket is in the air. Either it explodes in mid-air or it reaches orbit, and apparently it will.
It’s worth keeping in mind that Vasil will appear over a period of five days, with the first round of updates happening today and the second on September 27th.
An exciting ADA Moonshot ahead?
Don’t pay attention to the recent slow price movement. Crypto strategists are positive that Cardano’s original token ADA is poised for a strong recovery following Vasili’s upgrade.
In his latest YouTube video, analyst Michaël van de Poppe stated that ADA is unlikely to see a huge pullback as all signs point to the cryptocurrency being ready to defend critical support areas. The $0.32-$0.40 range are the most important price points for the next uptrend.
However, Van de Poppe believes there are “enormous opportunities” ahead for ADA:
“This means that we basically have no momentum and hype towards Vasili’s hard fork because there hasn’t been a clear move up in the past. This brings huge opportunities if the Vasil hard fork happens in a positive way, which is quite similar to the Ethereum merger. In that case, a run towards $1.00 is not unexpected with this event.”
ADA took a hit on Thursday after the U.S. Federal Reserve said it would raise interest rates by 75 basis points to curb sky-high inflation, and continued to look sluggish in the hours leading up to Vasili’s hard fork.
It remains to be seen whether the current macroeconomic weakness, which has reduced risk assets in recent months, will continue to negatively affect the cryptocurrency market moving forward.