Will The Vasil Upgrade Trigger A Cardano (ADA) Bull Run?

After the successful completion of the Ethereum Merge, it is now Cardano’s (ADA) turn to upgrade its network. The Vasil upgrade that all Cardano and crypto fans have been waiting for, will finally be released this September 22. In addition, the Cardano team itself has also assured the community that the network is ready for this upgrade phase and the transition will be smooth. So, what is the impact of this upgrade on the performance and price action of Cardano (ADA) in the future? In this article, NOBI will discuss thoroughly about Vasil upgrade for you!

Cardano’s Vasil Hard Fork Explained

If all goes as planned, the Vasil Cardano upgrade will take place on September 22. This was announced on the official Input Output Global (IOG) Twitter account on Tuesday (02/09/2022). For information, Cardano (ADA) is the 3rd generation blockchain after Bitcoin (BTC) and Ethereum (ETH) that implements proof-of-stake (PoS) technology. Cardano was founded by Charles Hoskinson, who is also the co-founder of the Ethereum network.

Previously, this Vasil upgrade had been delayed 2 times. It was suspected by the emergence of bugs which then led to the emergence of various other problems. So, it’s no wonder that the crypto community in the world has been waiting for this upgrade for months. Finally, on September 22, the wait is over.

Meanwhile, Vasil upgrade itself is a Cardano network upgrade designed to improve network scalability by increasing throughput, script efficiency, and reducing latency in block transmission.

In a live broadcast on Sunday (18/09), Charles Hoskinson, founder of the Cardano project, revealed that Vasil hard fork implementation is currently in the final stages, after requests for hard fork combinators have also been received. Hoskinson revealed that the automated process of implementing the Vasil upgrade is officially underway.

What Impact Will Happen After Vasil Upgrade?

Although according to the schedule, this upgrade will take place on September 22nd, Hoskinson underlined that some of the effects of the new update will be more clearly visible on September 27th. He explained that this is likely to happen due to several technical reasons. However, Hoskinson did not provide further details on what the technical reasons were.

Furthermore, despite all that, the Vasil upgrade itself is the most ambitious update in the history of the Cardano network. Because, as we mentioned earlier, this update Cardano is designed to significantly maximize network scalability. This can be achieved through efforts to increase throughput, script efficiency, and reduce latency in block transmission.

The Cardano Vasil hard fork is a monumental upgrade to the Cardano network that will have a positive impact on network stability and connectivity. This upgrade will include the Cardano Improvement Proposal (CIP) which includes CIP31, CIP32, CIP33, and CIP34.

Commenting on this Vasil upgrade, Hoskinson also welcomed the upgrade which will be implemented on 22 September. With Vasil’s hard fork, he hopes to improve the performance of Cardano as well as the Plutus smart contract platform. For information, Plutus is a smart contract platform from the Cardano blockchain.

Will The Vasil Upgrade Trigger A Cardano (ADA) Bull Run?

Some analysts and crypto experts believe Vasil could play a significant role in ADA price movements. A survey from conducted recently revealed the experts’ views on the future of Cardano’s price. As a result, the majority of the survey participants saw the price of ADA possibly rising to $2.93 by the end of 2025.

Meanwhile, there is another respondent who believes ADA will be able to print the $0.50 level by the end of 2022. However, the price has a strong potential to reach the price of $5 in December 2025. Meanwhile, at the time of publication of this article, the price of ADA was still around $0.4.

Overall, more than half of survey participants are optimistic that Vasil’s hard fork will push ADA prices even higher. However, at the same time, 17% of respondents believe that the increase will only last for a short time. But on the other hand, there are as many as 20% of respondents who view it as an upward movement in the long term.

Closing Thoughts

Despite all the sentiments that come with it, this Vasil upgrade will bring numerous improvements to the Cardano (ADA) network. These include improvements to the speed of the Cardano network as well as an increase in the amount of data that can be processed at once. Then, it is also useful in reducing transaction costs by making transactions smaller and lighter. Finally, it will improve a better experience for developers to develop decentralized applications (dApps). Well, seeing the benefits that will be generated after the Vasil upgrade is successfully implemented later. What are NOBI’s thoughts on the ADA’s price? Is it going to be a bull run or not? Let us know your thoughts!

Is the article helpful for you?

Share :

Related Learning

Popular Tags

Market Analysis
Getting Started
Crypto News

Moving Your Crypto Forward in One App

Related Learn

The Shanghai Upgrade: What Comes Next for Ethereum?

March 30, 2023

Ethereum Merge’s Popular Myths & Facts Revealed!

September 11, 2022