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- Cardano left other cryptocurrencies in the dust after making impressive gains over the week.
- Analysts are touting the incoming Vasil hard fork as the reason for the increase in value of the asset.
- Traditionally, Cardano has always reacted positively to technical developments on the platform.
Cardano community is anticipating the Vasil hard fork that is expected to improve the network’s scalability. Ahead of the launch, ADA proponents are buying the news in the longing that the asset would soar past $1.
Buy the news, sell the rumor
ADA was the biggest gainer over the week among the top 10 cryptocurrencies. The asset reached a high of $0.63, gaining 14% in a day fuelled by a mania over incoming developments on the network.
For investors, the key thing is the Vasil hard fork that is expected to usher in an era of sustainability for the network. According to details by Cardano’s founder, Charles Hoskinson, and developer Sooraj Saju, the Vasil hard fork is expected to go live on June 29 and investors are expecting a leap in prices for the asset that has shed over 50% of its value since the start of the year.
On the technical side of things, the upgrade is expected to improve the scalability for Cardano, an area that the network has shown a keen interest in. According to Sooraj, the upgrade will “make the transaction bigger” and “larger transactions result in higher fees and decreased throughput”.
“Now you can push a script onto the chain and then you can interact with it via a reference. This is a very lightweight way to interact with a smart contract, rather than having all of the app logic in your transaction,” Sooraj said.
Historically, Cardano has shown massive gains in the weeks leading to and after a major development. Last year, the Alonzo upgrade in September was the precursor for a 200% gain for the asset and investors will not be quick to forget the famous Mary hard fork that sent prices soaring astronomically by over 1,600%.
Vasil is only the tip of the iceberg
Beneath the buzz of the Vasil hard fork, there are a plethora of developments that Cardano’s ecosystem is looking forward to. The network has made significant strides on DJED, its algorithmic stablecoin, and input endorsers that allow transactions to be separated into pre-constructed blocks.
Since welcoming smart contracts on the network in September 2021, decentralized applications (DApps) have grown steadily on the network with an array of interesting ones nearing their launch date. The DApps range from book Non-fungible tokens and next-gen dexes amongst others.
Hoskinson has defended the innovativeness of Cardano and has rebutted claims that he is responsible for “pumping” ADA.
“Not innovating? Under what definition? We were the first third generation to launch a proper proof of stake, euxto, hard fork combinator, the cardano network stack, plutus, Marlowe, catalyst, native assets, babel fees, mithril, hydra,” said Hoskinson. “Jesus they can’t even lie well.”
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