The Cardano Vasyl hard fork has been anticipated for months and finally, it’s real. The The hard fork continued as scheduled, and was live on the Hard Fork Network by Thursday, September 22. It was received with much fanfare by the community, but the network’s native token, ADA, did not react as well.
The Cardano Vasyl hard fork is complete
Cardano’s Vasyl hard fork already aims to make the network more efficient. In turn, this is a great platform for developers to build on. This is the most important upgrade ever performed on the blockchain, and its completion is a celebratory call for the community.
With the upgrade, the already cheap transaction fees of the Cardano blockchain will become even cheaper. This adds more space, which increases the size of each block, enabling more data to be saved.
ADA trending at $0.45 | Source: ADAUSD on TradingView.com
Transactions will be even faster with the upgrade. An increased block size also plays a role, as increased data storage space means an increase in speed. So users get faster transactions, but they pay less than $0.16 per transaction on the network.
ADA price does not respond well
Cardano’s completion of the Vasyl hard fork did not have a positive impact on the price of its native digital currency, ADA. There was a rise in the price of the digital asset, but it could not exceed 6% growth in the 24-hour period.
ADA’s price rose to $0.50 after the completion of the hard fork, but could not hold this level. It subsequently returned to the $0.45 level that was trending before the upgrade was completed, normalizing around this price.
This is not surprising given the cryptocurrency’s price movements over the past two months. A report from Messari in August showed that the event was already priced at ADA, meaning there was no significant change in the expected price for the digital asset.
Vasyl, named after the mathematician Vasyl St. Dabov, who was an active member of the Cardano community, was postponed twice in the past. By the time the deadline was announced, the hype had already died down and ADA had taken its toll with the current bear market.
Featured image from Analytics Insight, charts from TradingView.com
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