Input Output posted a tweet on June 7 about the Vasil hard fork. All is well for the planned rollout of Vasil on June 29, according to Cardano developers.
As we move towards the #Vasil upgrade, and the HFC event, we are now in the final mile. The work is progressing well, and our operational focus remains to deliver the H/F in the most efficient way possible but also with the highest quality. #Cardano 1/n
— Input Output (@InputOutputHK), June 7, 2022
ADA closed the day at $0.60 after swinging 13% to the upside following the news. The momentum for upwards continues on Wednesday, with a 9% increase to reach the 50-day moving mean line.
Source: ADAUSD on TradingView.com
Analysts expect that the Vasil upgrade will lead to further price increases in a classic “buy the rumor, trade the news” move.
@Cardians_ published a chart last month showing ADA price movement with past hard fork events highlighted. Every previous hard fork saw a rise in price, followed by a fall. Mary’s hard fork is an exception. The ADA price continued to climb for several weeks after the event.
The Alonzo hard knife is known for its protracted drawdown after release, even though there has been a wider market downturn.
Is Vasil capable of restoring the price form that was previously set?
Source: Twitter.com @Cardians_
What is Vasil?
The Vasil upgrade falls under the Basho scaling period of Cardano’s development. This era is focused on network optimization in order to improve performance and increase readiness for growth.
Vasil will accelerate the main chain by using a technique called diffusion pipelining. This technology increases the block size and efficiency of block propagation. With minor modifications to the protocol, you can achieve higher throughput.
It promises to significantly increase throughput, while being possible with minimally invasive system changes. This makes it a great candidate for implementation in the near term.
Upgrade also includes several Cardano Improvement Proposals, (CIPs), such as CIP-331 to create a new reference input for data storage and accessibility, CIP-332 to reorganize how datums are attached to increase simplicity, and CIP-33.3 to reduce the size and computational draw of scripts.
Cardano devs give Vasil update
Input Output described the “moving parts” of the Vasil upgrade and mentioned that other components, such as the API systems, also need to be updated in a coordinated fashion.
“In addition to the core node, many components must also be upgraded. This includes everything from DBSync to third-party APIs such as Blockfrost.
The new Vasil node release was delivered with unspecified issues that were discovered during testing. Developers are currently working to resolve them.
Ecosystem partners have access a dedicated developer testnet that allows them to further test and refine their processes.
Friday will mark the next crucial point in the upgrade process. The team is scheduled to meet to discuss whether they are “in the right place” to take the hard fork. Stay tuned for more updates.
As Vasil prepares for Cardano’s rollout of CryptoSlate, here are some things to look forward to.
Did you miss our previous article…
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