In the early hours of 14 May, Cardano founder Charles Hoskinson informed the community that the Vasil Hard Fork is on schedule. It would be implemented by 29 June, he said.
With the Vasil Hard Fork, significant updates will be deployed on the Cardano blockchain and its smart contract platform, Plutus.
Speaking about the Vasil Hard Fork in its Mid-month Development Update, IOHK noted that it is preparing for a closed public testing phase for the Vasil Hard Fork network. It was further revealed that the testing will also be in collaboration with Dapps to test their applications on the network’s testnet and mainnet.
IOHK also stated that after this phase, access will then be given to exchanges to test all integrations necessary to run the Cardano blockchain. By the end of May 2022, it should be in a position to hard fork Cardano testing.
In light of these announcements and upcoming updates, let’s see how ADA has been doing on the price charts.
Not too bad?
Valued at $0.53 at the time of press, ADA was up by just 1% in 24 hours. Comparatively, over the last 7 days, the crypto was down by 29%. As the cryptocurrency market begins to “heal,” thanks to the many upcoming Cardano updates, ADA’s recovery is expected to be fast-tracked.
In fact, its market capitalization only declined by 0.05%. It further recorded a high of $18.20 billion following Hoskinson’s confirmation of 29 June as the date for Vasil. At the time of writing, the market capitalization stood at $18.03 billion – A mere 0.9% decline from a high of $18.20 billion in the last 24 hours.
Okay, volume is down
It is noteworthy to point out that the confirmation of a date for the network’s update had no significant impact on the transaction volume. Recording a transaction volume of 1.19 billion on 14 May, this represented a 38% decline from the 1.94 billion recorded on 13 May.
But wait, the whales are up
Despite no significant difference in market capitalization, data from Santiment underlined an increase in Whale Activity following the update.
As of 14 May, for transactions over $100k, a total of 238 transactions were completed – A 3% spike from the 230 transactions recorded on 13 May.
Similarly, for transactions over $1 million, a total of 238 transactions were completed – A 2% increase from the 232 recorded on 13 May.
One man’s loss might be another man’s gain
ADA is currently ranked 7th by market cap on the charts, right below XRP. However, with the ongoing case against Ripple and its effect on the price of XRP, ADA might surpass XRP in the near future.