Cryptocurrency Cardano has soared 27% in anticipation of its upcoming Vasil Hard Fork upgrade
The currency has outrun Ripple to become the sixth biggest cryptocurrency by market cap.
Cardano is rapidly evolving into one of the leading cryptocurrencies as it has recently outrun Ripple to become the sixth biggest cryptocurrency by market capitalization. According to Crypto price tracker CoinMarketCap, the current market cap of Cardano is sitting at $22.57 billion as compared to Ripple’s $20.19 billion.
Cardano Soars Ahead In Anticipation Of Its Upcoming Vasil Hard Folk Upgrade.
Cardano’s latest price surge and ascent can be accredited to the fact that the Cardano devs will soon launch its much anticipated Vasil Hard Fork upgrade. As per CoinMarketCap, Cardano has been consistently rising over the past seven days, reaching a high of $0.06692 on May 31 followed by a slight gradual slowdown. The cryptocurrency is currently sitting at a price of $0.06412.
The blockchain is scheduled to release its first testnet on June 2, followed by a full mainnet release slated to be launched on June 29, 2022. With the implementation of Vasil Hard Fork, the network will undergo significant changes including an improvement in Cardano’s overall performance and scalability.
What is Vasil Hard Fork Upgrade All About?
The upcoming Vasil Hard Fork is the second major upgrade that Cardano will undergo to improve its overall performance and credibility. According to Cardano’s dev and digital writer Sooraj, the new Vasil hard fork mechanism will introduce a CIP 33 protocol which will help lower the transaction size to eliminate the need to pay hefty fees each time a user initiates a blockchain transaction.
Furthermore, the new upgrade will also introduce CIP 31 and CIP 32 update programs that will help decentralized apps access transactional output without recreating them as before. In addition to this, the CIP 32 will assist developers in storing on-chain data which will further move Cardano towards developing a more “decentralized infrastructure.”
Founded in 2015, Cardano is an open-chain public blockchain built on proof-of-stake mining consensus. The network had earlier incorporated its first major upgrade known as Alonzo Hard Fork in September 2021, which enabled the network to deploy smart contract capabilities and further expand its use cases. The deployment of smart contract capability gave a significant boost to the network, allowing developers to build exclusive DApps and NFT projects on the particular blockchain.