Cardano rate raised by 30% per day ahead of Vasil hard fork

What’s new? The Cardano (ADA) rate increased by 30% per day, with the token trading at $0,63 as of 16:30 Moscow time, according to Binance. This may be related to the upcoming Vasil hard fork. The upgrade is scheduled to go live on the public testnet on June 2 and on the mainnet on June 29. The token ranked sixth in the ranking of cryptocurrencies with a market capitalization of $22,2 billion, ahead of Ripple (XRP), according to CoinGecko. However, despite this strong growth, ADA is still 78% below its all-time high of $3,10 recorded in September 2021.

Источник: Tradingview.com

What is known about the Vasil hard fork? The Vasil Hard Fork Combinator (HFC) upgrade to the Cardano network is scheduled for June 2022. It will improve performance by significantly increasing throughput and reducing latency in block transmission. The Verifiable Random Function (VRF), Ouroboros, will also be optimized. VRF processes cryptographic input data and produces random output data.

Cardano developers will consider implementing a diffusion pipeline to increase throughput, allowing blocks to be transmitted without full verification, and will initiate changes to the consensus level to distribute blocks across nodes more quickly.

Analytics company Santiment reported on Twitter that development activity on the Cardano network has renewed an all-time high in the last 24 hours.

What is known about Cardano? It is a blockchain platform created by Input Output Hong Kong (IOHK) and co-founder of the Ethereum network Charles Hoskinson in 2017. Cardano supports smart contracts and also has the native token ADA that enables users to participate in the operaion of the network. For more details about Cardano, see GetBlock Magazine’s article.

What events happened before? Between late March and early May 2022, large Cardano investors added $155,5 million worth of tokens to their wallets, and on April 6, the total number of ADA holders exceeded 5 million users for the first time. According to analysts, this was preceded by a 7-month period of holders getting rid of the asset.

In mid-April, the number of large ADA token holders reached a 2-year high. Large investors, whose wallet balance is at least 10 million ADA, hold 46,6% of the total number of tokens.