Cardano (ADA)’s much-anticipated Vasil upgrade is the latest talk on everyone’s lips in the crypto community. The host company, Input Output Hong Kong (IOHK), recently confirmed via Twitter that the upgrade is currently active thanks to the simultaneous achievement of the three “critical mass indications.”
IOHK further noted that 13 cryptocurrency exchanges, which hold 87% of all ADA liquidity, have confirmed their readiness for the hard fork. Also, the top decentralized applications (dApps) on the network have indicated their readiness for the upgrade, noting that they have met all three necessary criteria for the upgrade.
What Does the Vasil Upgrade Bring to the Table?
The Vasil hard fork is the most important network upgrade, possibly most ambitious, since the Alonzo hard fork in September last year. Last year’s upgrade focused on making the Cardano blockchain smart contract compatible and introduced other network improvements. This year’s hard fork will improve upon the previous smart contract functionalities, lower network activity costs, and boost network capacity. One of the major selling points of the new fork is its introduction of even faster block production.
According to a tweet from a popular Cardano blockchain activity tracker, the Vasil upgrade “Gets us ready for stablecoins, pooled lending, complex DeFi. Improves UX increases throughput + prepares [the] chain for more scaling. Lays [the] groundwork for Cardano to be a beast next bull run. My fav? Removal of the “d” parameter.”
Additionally, the network has developed a notable number of dApps that cover Decentralized Autonomous Organisations (DAOs) and Decentralized Finance (DeFi). These improvements will make the ADA ecosystem more attractive to blockchain users, and would positively influence the price of the native token, ADA.
Meanwhile, reports show that whales are also getting attracted to the network, with many large investors making a last-minute accumulation of the token. Data from WhaleStats shows that ADA has since returned to the top 10 most purchased crypto assets by most whales.
ADA Yet to Show Bullish Signs Amid Vasil Hype
ADA has maintained a sideways trend since it broke out of the long-term bearish channel, with the cryptocurrency holding firmly above the $0.440 mark.
While trading volume picked up mildly ahead of the Vasil upgrade, the price of the asset has yet to reflect the excitement in the market. Even after a short-burst rally, investors will be waiting for a breach above the critical $0.520 range top to confirm a bullish rebound.
Already, the daily stochastic indicator shows that a price rise could be around the corner as the cryptocurrency has dragged within the oversold condition for several days now.
ADA Statistics Data
ADA Current Price: $0.8389
ADA Market Cap: $7.3B
ADA Circulating Supply: 8.73B
ADA Total Supply: 10B
ADA Market Ranking: #12
This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.