Whale activities spotted as Cardano founder reveals date for the Vasil Hard Fork

  • As part of its project update, Cardano founder Charles Hoskinson disclosed that the Vasil Hard Fork network will undergo a close public testing phase.
  • He also disclosed that Vasil Hard Fork is on schedule, and would be implemented by 29 June. 

The Cardano blockchain and its smart contract, Plutus, are expected to undergo a significant update after the Vasil Hard Fork. Charles Hoskinson, the Cardanol founder, Saturday, informed the community that Vasil Hard Fork is on schedule, and would be implemented by 29 June. 

As part of its project update, Hoskinson disclosed that the Vasil Hard Fork network will undergo a close public testing phase. Also, it would be collaborating with DApps in a bid to test the applications on its testnet and the mainnet. After this phase, exchanges would be allowed to access and test whether its integration is necessary for the Cardano blockchain. The Vasil hard fork is a major initiative in the current Cardano era, Basho. 

The era focuses on improving scalability, interoperability, and optimization. In addition to the expected improvement the hard fork will cause on the Plutus smart contract language for DApp developers, it will launch a diffusion pipelining on the Cardano blockchain and ensure that the latency of block transmission is reduced. As stated by Hoskinson, the upcoming Vasil hard fork will launch four different “CIPs: CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs).” 

Cardano has also commenced work for its UTXO HD. This will focus on testing and issue resolution workflow. Its P2P testnet will see the redeployment of eight IOG nodes as well as 51 pre-registered SPOs. This is meant to assess testnet performance and share feedback. As part of the update, Hoskinson also announced that Cardano has released its new Daedalus wallet, Daedalus 4.10.0. 

Whale activities spotted amid Cardano update announcement

According to statistics shared regarding the network growth, about 937 projects are being built on Cardano. Previously, it was 925. The number of projects that have recently been launched on the network is 84, with NFT projects up to 5549. In addition, Github connect had about 2609 with the Cardano token rising to 4.7 million. According to Cardano Blockchain Insights, the number of ADA wallets had increased by 100,000 as of late April from March. The total number was 3.268 as of April 19. Also, the average rate of new ADA wallets per day had increased from 2000 to 8129. 

The ADA price had always been bullish until the recent meltdown in the crypto market forced almost all the assets to record a considerable fall. ADA is currently trading at $0.56, more than 80 percent fall from its all-time high price of $3. Currently, it has a circulating supply of 33 billion and a market cap of $19 billion. Ethereum is also trading at a little over $2000 with Bitcoin trading at $29,000. 

The latest update has had no impact on the transaction volume of ADA. This was $1.19 billion on May 14, a 38 percent decline from $1.94 billion on May 13. However, an increase in whale activities has been spotted. A total of 238 transactions involving an amount of over $100k were completed on May 14. Also, a total of 238 transactions of over $1 million were completed which is a 2 percent increase from that of May 13. 

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John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics. My Email: (kojokumijohn@gmail.com)

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