Cardano surged by over 12% in the last seven days as the community is getting prepared for the next Vasil hard fork that could massively improve the performance of this blockchain network. In a recent tweet, Input Output (IOHK), informed that the upgrade on the Cardano mainnet (Vasil upgrade) is expected to take place on the 22nd of September this year.
Cardano Surges as Vasil Upgrade Gets Confirmed
Input Output HK officially announced on Twitter that the Vasil upgrade will take place on the 22nd of September. On that day, the Vasil upgrade will be launched on the Cardano mainnet and it will change the way in which this cryptocurrency works.
As per IOHK, the Vasil upgrade is the most significant Cardano upgrade to date. Let’s not forget that Cardano continues to be developed and a team of developers led by Charles Hoskinson have been working on a daily basis to make Cardano one of the most reliable blockchain networks in the market.
Thanks to the Vasil upgrade, the network will have a larger capacity to process more transactions, and it will also reduce the cost of transacting money. Therefore, it is an upgrade that focuses on the performance of the blockchain network, which was already efficient and reliable compared to competitors.
At the same time, IOHK informed that the majority of leading exchanges have now started their update process. This is key as it would help the community transition to the new network without issues.
About the upcoming Vasil Upgrade, Input Output Hong Kong wrote on Twitter:
“The Vasil upgrade is a testament not just to the hard work of the core development team, but to the many technical contributions of the wider #CardanoCommunity. Many of the Vasil improvements stem from community-driven #Cardano Improvement Proposals (CIPs).”
The #Vasil upgrade is a testament not just to the hard work of the core development team, but to the many technical contributions of the wider #CardanoCommunity. Many of the #Vasil improvements stem from community-driven #Cardano Improvement Proposals (CIPs).
— Input Output (@InputOutputHK) September 2, 2022
It is also worth taking into consideration that the price of Cardano surged to $0.50 (or 12.3% over the last 7 days) due to this upcoming upgrade. Thanks to this price increase, Cardano is now the 7th largest cryptocurrency in the market, even larger than XRP, Solana (SOL), or Polkadot (DOT). Polygon (MATIC), Dogecoin (DOGE), and Shiba Inu (SHIB), are way below Cardano’s market capitalization.
As reported by CoinGecko, Cardano is also the fourth largest cryptocurrency in the world if we don’t take into consideration stablecoins. Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) complete the top 4 digital assets (excluding stables).
Cardano has been evolving over the last few years led by Charles Hoskinson. At the same time, it has proved to be a reliable digital currency with a strong community ready to take on new challenges. Therefore, Cardano is among the largest digital assets thanks to the efforts it has done to offer better services and solutions in the crypto market.
Ethereum is another cryptocurrency that is expected to be upgraded in the near future. This could also help the entire crypto ecosystem find better solutions and create new services for individuals and companies all around the world.