IOG Says Cardano Vasil Hard Fork Is Almost Here, But What Is ADA Doing?

Best Owie

1 year ago

3 mins read

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With each passing day, Cardano inches closer to one of its most important upgrades yet, the Vasil Hard Fork. IOG, the developer behind the Cardano network, had outlined three important milestones that the network needed to reach for the hard fork to be triggered. With the first of the three metrics already met at this time, the upgrade is closer than it has ever been, as confirmed by the developer.

Nearing Cardano Hard Fork

When the developer had previously confirmed that there were no longer any bugs in the Vasil hard fork, it had moved towards fulfilling the requirements for the upgrade to be completed. The first of these requirements was that at least 75% of all SPOs had upgraded to the final node version. As of the time of this writing, the team confirmed that more than 80% of all mainnet blocks are now being produced by Vasil nodes.

Second of the metrics that needed to be hit was that the top 10 of the top DApps by TVL on the Cardano network will have updated to the Vasil-supported nodes. A Twitter announcement confirmed that more than 70% of DApps have now confirmed successful pre-production testing.

The last of the requirements was that at least 25 exchanges which represented about 80% of all ADA liquidity, will have upgraded to support the network post-hard fork. This is the last step that remains for the hard fork to be triggered.

ADA price dumps to $0.45 | Source: ADAUSD on TradingView.com

IOG confirmed that 2 crypto exchanges are fully ready for the hard fork, with at least another 27 exchanges in the process of integrating. With only this metric left to hit and 5 of these exchanges said to be the top 5 exchanges for liquidity, the network is now in its final stages of implementing the Vasil upgrade.

What Is ADA Doing?

As with anything, the price of Cardano’s native token ADA is usually affected by such an important update. Especially given the fact that the community has been waiting on the completion of the upgrade for more than two months now.

However, unlike in previous times, the ADA price has not been as responsive to the news as expected. The digital asset continues to cling tightly to the $0.44 level without any significant movement up or down. It is also trading well below the 50-day moving average, triggering bearish sentiment among investors.

With most of the requirements already completed, it is likely that the Cardano hard fork will be completed within the next two weeks. But with the price of ADA not seeing any significant movement at this point, large upward movements are not expected.

Featured image from Analytics Insight, chart from TradingView.com

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