On September 22, the Vasil hard fork will be executed on Cardano’s blockchain. Cardano has confirmed this on Twitter. It will be a busy month, this month EOS and Ethereum are also expecting hard forks.
On September 22, Cardano implements upgrade Vasil
Cardano’s founder, Charles Hoskinson said last month that the upgrade will be carried out in September. Input Output, the developers of Cardano, can confirm this and now say that the main network may be upgraded on September 22.
Cardano’s goal is to provide an identity management solution. It supports smart contracts and non-fungible tokens (NFTs). Vasil is a hardware upgrade designed to speed up the network, make it more scalable and reduce transaction costs.
During a livestream on August 26, Hoskinson said, the release date will depend on crypto exchanges. “The next big elevator is to get the exchanges on board. Binance reports that they are currently upgrading on volume.”
“Generally what happens after a hard fork date is announced is you see a big rush and people push through,” Hoskinson added.
This seems to be exactly what has happened, according to the team, most leading crypto exchanges have already begun the update process.
“Based on the current trajectory and previous experience, the [Cardano Foundation] confident that they will complete their updates and meet the 80% liquidity statistic.”
Cardano and Hoskinson won’t ‘burst’ ADA
Yesterday we wrote that the price of Terra Luna Classic had risen 170%, the reason is that they are going to burst coins. This means taking existing coins out of circulation, with the goal of a smaller available supply which should cause the price to rise.
Some Cardano users were curious what Hoskinson thought about this.
When asked how other cryptocurrency projects burn tokens, Hoskinson clarified that these usually “have a large premine that the founders control” and then use to “manipulate the price during periods of lower liquidity” by destroying their stock.
By pre-mine is meant that when a cryptocurrency is created, the creators themselves hold back a large number of coins and release a small portion to the public.
Hoskinson added that Cardano does not have this. Someone else suggested that coins issued for users who discontinue their ADA tokens could be partially burned to remove some of the circulating inventory. Hoskinson feels that such a move would rob users of rewards they have earned.
Cardano (ADA) stock price stable
You would expect the stock price of Cardano (ADA) would shoot up now that a date is known. But perhaps those expectations belong in a bull market, and not during a bear market.
The chart below shows the price of ADA over the past 7 days. It looks like big swings, but it is only a channel between 0.43 euro and 0.46 euro. Compared to a week ago, Cardano’s value is up 6%.