🎊 #Vasil deployed!!
Thank you to @CardanoStiftung, @InputOutputHK, #SPOs, and everyone in the #Cardano ecosystem that made it happen! 🎉#CardanoCommunity pic.twitter.com/p4oK2T9FMa
— Cardano Foundation (@CardanoStiftung) September 22, 2022
In one of the biggest developments to the Cardano blockchain network yet, Cardano Vasil Hard Fork went underway underway on 22 September, at about 2145 UTC, 3:15 am, IST. This is an upgrade that is expected to significantly improve the Cardano blockchain’s throughput, efficiency and block latency speeds.
This is essentially being done because Cardano wants to stay one step ahead of the curve and prevent skyrocketing transaction costs and poor transaction speeds as the blockchain gains more popularity.
Before going into hard forks and soft forks, first let us understand what forks mean in the blockchain world. So typically a blockchain runs on the consensus of a large group of people in the network, and in a situation where they agree on a few common things. But sometimes a situation arises where there is some kind of disagreement leading to the formation of two parties, which lead to the formation of alternate chains. So hard fork, is a radical change to a network protocol that makes previously invalid blocks and transactions valid, or vice-versa. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software. Adding a new rule to the code essentially creates a fork in the blockchain: one path follows the new, upgraded blockchain, and the other path continues along the old path. Some of the most famous examples of hard forks in the past are Bitcoin/Bitcoin Cash, Ethereum/Ethereum Classic amongst a few others.
According to definitions, Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It is popularly referred to as a third generation blockchain, succeeding Bitcoin (first generation) and Ethereum (second generation). Cardano was designed to be the evolution to the Ethereum idea – a blockchain that is more flexible, sustainable and scalable to run smart contracts and which will provide the platform for a wide range of decentralised finance apps, new crypto tokens and much much more.
Additional Read: How to Invest in Cardano?
Cardano’s Vasil Hard Fork is the next step in its plan to improve upon the speed and scalability of the network. This essentially brings the project one more step closer to dethroning the largest smart contract and DeFi platform out there – Ethereum. With this latest upgrade, Cardano’s developers hope to improve the efficiency of smart contracts to make Cardano cheaper and faster to use.
Why is this such a momentous occasion? Well, because it will be tackling two of the biggest issues that a blockchain network faces when it become popular. 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.
Cardano’s smart contract capabilities launch saw intense traffic coming on the chain with a huge number of developers wanting to build DeFi protocols on the chain. As blockchains get busier, speeds typically slow down and fees increase. So the Vasil Hard Fork is expected to solve this two pronged issue at once.
Benefits of Cardano Vasil Hard Fork:
The Cardano price prediction for the month has recently flipped to bullish after the recent price movements. Similar to August, ADA crypto began the September trade on a bullish note, but woefully, the token slipped back towards the same support at $0.43. Currently, the ADA price is attempting to rebound finely but the buying pressure remains below the average levels. Therefore, an ascending consolidation may be imminent until the monthly close.
On the contrary, a minor possibility of a significant spike may not be quashed as the RSI continues to hover at the average levels. With a slight increase in the buying pressure, the Cardano price may easily range high beyond $0.5 and also test the higher resistance. Therefore, the upcoming weekend may be pretty crucial for the token which may uplift the price from the prolonged consolidation.
Cardano’s TVL has been on a strong downtrend ever since its all time highs back in April 2022. It has fallen from a TVL of $323 million down to about $80 million as of writing. Now, with the new scalability improvements coming in with the Cardano Vasil Hard Fork – we can expect this to greatly improve over time. This is because of the fact that an improvement in transaction speeds and reduction in transactions costs would naturally incentivise more dApps to be built on the platform which would then in turn bring in more users into the ecosystem.
Cardano’s active addresses count has also been on a strong decline thanks to multiple delays and the raging bear market that began in the beginning of 2022. However, one can’t deny that the number of dApps on the platform have been steadily increasing and thus with the kind of scalability improvements that are coming in with the Vasil upgrade, we can also see this on-chain metric improve in the short to mid term, considering the upgrade goes through without any hiccups.
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The final date for Cardano's Vasil Hard Fork has now been finalised by the IOHK, and is set to take place on 22 September, 2022. It is a part of an effort to bring improvements to the smart contract capabilities of the Cardano network. Also being a part of the Basho phase of the Cardano Roadmap - which focuses on scaling and network & ledger optimisation and will bring multiple improvements to the ledger.
What is the Release Date of the Cardano Vasil Hard Fork Upgrade?
What is Cardano Vasil Hard Fork?
The final date for Cardano's Vasil Hard Fork has now been finalised by the IOHK, and is set to take place on 22 September, 2022.
It is a part of an effort to bring improvements to the smart contract capabilities of the Cardano network. Also being a part of the Basho phase of the Cardano Roadmap - which focuses on scaling and network & ledger optimisation and will bring multiple improvements to the ledger.