Cardano Vasil Hard Fork On The Horizon, Will ADA’s Price React To The Upside?

Reynaldo Marquez

3 years ago

3 mins read

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Cardano follows the general sentiment in the market and records a slight recovery during today’s trading session. If Bitcoin and larger cryptocurrencies managed to extend the bullish momentum, ADA seems poised to benefit.

At the time of writing, ADA’s price trades at $0.45 with a 2% profit in the last 24 hours. Over the last 7 days, Cardano remains in the red with a 6% loss.

Cardano ADA ADAUSDT — ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

The company behind Cardano’s development Input-Output Global (IOG) successfully forked the network’s testnet. An “important” step in the upcoming deployment of the Vasil upgrade on the mainnet.

The company called on to stakepool operators, exchange platforms, and other actors to “commence their final testing and integration processes”. One month from now, Cardano will launch Vasil on its mainnet and will complete one of its most important milestones for 2022.

According to IOG, Vasil will provide Cardano with “significant performance and capability upgrades”. The network will be able to increase its performance and throughput by providing developers with a “better experience”.

In addition, the network will become more interoperable and with new functionalities, such as an Ethereum Virtual Machine (EVM) that will facilitate the task of migrating an ERC20 token to Cardano. This could open the door for new decentralized applications (dApps) and protocols to be launched on the network. IOG said:

The Vasil upgrade is the most ambitious program of work we’ve undertaken. And the whole community is involved. Our prime concern is ensuring we manage this upgrade in a way that is safe and secure.

Still, it might take some time before these dApps grow while developers launch tools and allow users to interact with them. However, the long-term bullish potential is expanding at a face pace. On this topic, developer Sebastian Guillemot said:

One challenge with this is although they will now be supported at the protocol level, it will take some time for the tooling around these to be built. Notably, it will require some large change in how wallets handle tokens.

Cardano Founders On Their 2022 Priority

As the network advances to the Vasil upgrade, Charles Hoskinson, CEO at IOG, spoke about the work happening behind the scenes. 2022 has been a year dedicated to adoption, improvement scalability, and expanding the dApp ecosystem.

In that sense, Hoskinson spoke about the importance of the recent network updates including the Alonzo Hard Fork. The results are already tangible, according to the inventor of Cardano, and will continue with Vasil:

the work we’ve put in is showing – we’ve got a rapidly growing dApp and vibrant NFT ecosystem, with currently over 1,000 projects building on Cardano (…). It’s always difficult to define one key moment but the Vasil hard fork is pretty significant.

Once these improvements fall into place, IOG will turn its eye to governance. As Hoskinson said, they will still work on updating the network, but “each year has a theme”.

Ultimately, Hoskinson said, the network will achieve its potential by providing real-world value and use cases to the users. This goes hand in hand with having a “clear” roadmap despite the criticism about delays from certain users:

We have always pursued a defined, clearly-staged roadmap to deliver on Cardano’s capability and fulfil its long-term potential.

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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