In a major development from the Cardano blockchain network, in a recent tweet by Input Output HK, the final date for the Vasil hard fork implementation has been officially released.
VASIL UPGRADE: DATE CONFIRMED 💪
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. 🧵$ADA
— Input Output (@InputOutputHK) September 2, 2022
With the highly anticipated Ethereum Merge going underway tentatively on the 15th of September, 2022 – and Cardano’s Vasil Hard Fork coming in exactly a week later on the 22nd, the month of September is going to be very eventful.
IOHK in its tweet has mentioned that they have successfully completed extensive testing of all core components of the network along with confirming community readiness. Vasil is probably the most significant Cardano upgrade to date, bringing increased network capacity and lower cost transactions. The upgrade is also slated to bring enhancements to Plutus to enable developers to create more powerful and efficient blockchain-based applications.
This upgrade will basically be tackling two of the biggest issues that a blockchain network faces when it become popular, ie/ network congestion and fees. Ethereum is already having a tough time with it, with gas fees skyrocketing beyond all acceptable levels and that is what Cardano is trying to solve and get ahead of.
Read more: Cardano Vasil Hard Fork Explained
So after the launch of Cardano’s smart contract capabilities, the network saw intense traffic coming onto the blockchain network with a huge number of developers wanting to build DeFi protocols on the chain. And as blockchains get busier, speeds typically tend to slow down and also result in skyrocketing gas fees. So the Vasil Hard Fork is expected to solve this two pronged issue at once.
According to Hoskinson,
“This is one of the long ones, probably the hardest update we’ve ever had to do as an ecosystem. If we’ve all done our jobs right, we’re going to wake up on September 22nd, and it will be just another day. That’s the magic and power of the Cardano ecosystem.”
Cardano ADA price sees a rally!
Ever since the announcement by the IOHK regarding Cardano Vasil Hark Fork final date triggered a major rally in the coin. Over the weekend, ADA rallied close to 11% to its recent highs, before encountering some minor profit booking on 5 September. In one fell swoop, ADA price managed to breakout of its 50 day moving average.
However, from a technical point of view, ADA price is still on the weaker side. It is still stuck inside a descending triangle pattern, which is a pretty bearish price pattern. However, Cardano price prediction indicates that it is trying to move towards the upper diagonal trendline, a breakout above which would bring about a major buying pressure from the bulls. The Relative Strength Index is also in the buying territory, currently above the 50 mark. It would still need to breakout over the $0.65-$0.7 level to reach any meaningful region where existing buyers can find some relief.
Prices as of 5th September, 2022