coinculture.com
Cardano creator Charles Hoskinson told the community early on 14 May that the Vasil Hard Fork is on track. He said that it would be implemented by 29 June.
There will be considerable improvements to the Cardano blockchain and its Plutus smart contract platform with the Vasil Hard Fork.
In its Mid-Month Development Update, IOHK said that the Vasil Hard Fork network is ready for a private-public testing phase. It also was stated that the testing would involve Dappsr to test their applications on the network’s testnet and mainnet.
After this phase, exchanges would be granted access to test all integrations required to operate the Cardano blockchain. By the end of May 2022, it should be able to hard fork Cardano testing.
In light of these statements and forthcoming changes, let’s examine the ADA pricing charts.
At the time of writing, ADA was valued at $0.53, witnessing a 1% increase in 24 hours. Comparatively, the digital asset fell by 29% in the last week. As the cryptocurrency market starts to “heal” due to the several highly-anticipated Cardano updates, ADA’s recovery should be accelerated.
ADA’s price at $0.53. Source: TradingView
In reality, its market value decreased by just 0.5% before reaching an all-time high of $18.20 billion when Hoskinson confirmed 29 June as the day for Vasil. At the time of writing, the market capitalisation of ADA was $18.03 billion, a slight 0.9% decrease from the previous day’s peak of $18.20 billion.
Notably, the confirmation of a date for the network’s upgrade had no significant effect on the volume of transactions. On 14 May, the volume was 1.19 billion, a 38% decrease from the 1.94 billion reported on 13 May.
Although there was no significant variation in market value, Santiment data revealed a rise in Whale Activity after the upgrade.
As of 14 May, 238 transactions exceeding $100,000 had been made, a 3% increase from the 230 transactions registered on 13 May.
ADA is presently positioned seventh by market capitalisation, just below XRP. However, given the continuing case against Ripple and its influence on XRP, ADA is expected to exceed XRP soon.