Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back?
May 05 2022 - 2:00PM
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The Cardano network is preparing for its upcoming Hard Fork
Combinator (HFC) event “Vasil”. The cryptocurrency has been
undergoing several updates and optimizations but continues to
follow the general market sentiment. Related Reading | ADA On
Discount? Cardano Whales Go On $200M Shopping Spree In fact,
Cardano (ADA) price has been trending downside since the end of
2021 when it broke below $2 and has continued in that direction as
larger cryptocurrencies re-test critical support levels. At the
time of writing, ADA’s price trades at $0.80 with a 5% loss in the
last 24-hours and a 6% loss in the past 7-days. The cryptocurrency
has been moving down in terms of market cap after becoming one of
the top 5 in these terms, but there are indicators pointing to
potential bullishness. Per a post from Cardano developer Input
Output Global (IOG), they are focused on preparing the network’s
node and consensus for the upcoming HFC “Vasil”. Expected in June
2022, this update will upgrade the mainnet “performance
properties”. “Vasil” is mainly aimed at making Cardano more
efficient when processing decentralized applications (dApps)
transactions. Thus, smart contract users on the network will
benefit from a better experience. The network introduced its smart
contract capabilities back in 2021 with a series of Hard Fork
Combinator events (HFC) which ended with the “Alonzo” upgrade.
Since that time, the Cardano ecosystem has seen an important
expansion. Despite the growth, ADA’s trading volume has been moving
to the downside along with its price. As since below, this metric
reached an all-time high in May 2021 and has seen trouble in
getting back to previous highs. Conversely, ADA’s transaction
volume has been on the rise and recently hit a multi-year high.
This suggests that while retail investors might not be as active on
Cardano, whales are potentially buying the dip as the “Vasil”
upgrade approaches with the potential to increase the ecosystem’s
use cases and efficiency. Cardano Facilitates Entry Into Its
Ecosystem Cardano developer IOG recently revealed the launch of
Essential Cardano. An initiative was created to make it easier for
users to explore the ADA-based ecosystem. Deployed in its beta
phase, the initiative will be supported by a “rich” directory of
“sharable” content that aims at showcasing the best of the Cardano
ecosystem. The community will be able to contribute and access
Blogs, videos, and relevant information on the growth of Cardano.
Related Reading | Cardano (ADA) Real Volume Suggests Downtrend
Is Far From Over As IOG has stated in the past, their community is
a key component of the network. They are providing users with more
tools to have a voice in Cardano’s future. IOG added the following
on the launch of this initiative in its beta phase: We want to
share early and build this out together. The platform can still be
improved on with the community’s input. Some things may break in
beta. This is your chance to help get it off to the best possible
start & grow it together. Launching officially today in Beta,
we hope #EssentialCardano will grow into a definitive ecosystem
resource for understanding #Cardano & everything around it. And
spreading the word by sharing the best. Built on GitHub, curated by
IOG, but driven and populated by the community.
https://t.co/S2gf3ET75d — Tim Harrison (@timbharrison) May 5, 2022
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