$ADA Surges 26% With Hotly-Anticipated Vasil Hard Fork Less Than a Month Away

On Tuesday (May 31), Cardano’s $ADA token is rallying hard, up over 25% (vs USD) in the past 24-hour period, which is a higher gain than the percentage gain for any other cryptoasset in the top 50.

According to data by TradingView, on crypto exchange Coinbase, currently (as of 7:20 a.m. UTC on May 31) $ADA is trading around $0.6558, up 26.43% in the past 24-hour period.

This means that the $ADA price is up around 3306% from its all-time low, which was recorded on 13 March 2020.

As CryptoGlobe reported on Monday (May 30), “over 5 million native assets have been minted on top of the Cardano ($ADA) blockchain, doubling the figure seen at the end of last year.”

According to data from pool.pm, there are now over five million native assets on Cardano deployed across over 54,800 policies. Minting policies, according to Cardano’s documentation, are a “set of rules that govern the minting and burning of assets scoped under that policy.”

Native tokens themselves are bespoke assets  that can be interacted with “right out of the box – without the use of smart contracts.” The network’s documentation notes native assets can “practically be treated as ada in every sense because the capability is already built-in.”

Yesterday, crypto analytics startup Santiment said that Cardano’s “development activity has hit #AllTimeHigh levels, as $ADA‘s team worked on innovating while prices were suppressed.”

As for the hotly-anticipated Vasil hard fork, it is planned for this to go live on the public testnet on June 2 and on the mainnet on June 29.

On April 12, Charles Hoskinson, who is Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano’s research and development, provided an update on various matters of interest to $ADA HODLers.

He communicated this information in a video released on his YouTube channel on April 12. Hoskinson started by mentioning that IOG is preparing for the upcoming Consensus 2022 event, which is being held held June 9-12 in Austin, Texas:

We’re renting a large pavilion there, and we’re going to go along with many of the other members of the Cardano ecosystem, and hopefully we’ll be able to showcase that Cardano is open for business.

Next, he mentioned why he is excited about the Vasil hard fork:

As many of you know, a major major major hard fork combinator event is happening in June, which is the Vasil hard fork, and that is going to contain pipelining, which will be a massive performance improvement to Cardano, alongside the first wave of significant Plutus enhancements since Plutus shipped in September.

On February 1, John Woods, Director of Cardano Architecture at IOG, published a blog post, in which he introduced pipelining:

Pipelining is, effectively, an evolution in Cardano’s ‘plumbing’. It is a key element in our scaling plan this year, one in the series of published steps covering our methodical approach to flex Cardano’s capacity as the ecosystem grows…

Pipelining – or more precisely, diffusion pipelining – is an improvement to the consensus layer that facilitates faster block propagation. It enables even greater gains in headroom, which will enable further increases to Cardano’s performance and competitiveness...

Pipelining is just one of the pillars supporting Cardano’s scaling this year. Combined, all these changes will lead Cardano to a position where it is faster than its competitors, and a highly competitive platform for decentralized finance (DeFi) this year.

As you may remember, in March, Hoskinson said on Twitter that there are many Cardano DeFi apps that are waiting for Vasil hard fork combinator (HFC) event, and once that happens, we should see an even more impressive growth in Cardano’s TVL.

In case you are wondering why the June hard fork is called “Vasil”, on 10 December 2021, Hoskinson explained that he was going to honour his Bulgarian friend and Cardano ambassador Vasil Dabov — who had died recently — by naming the June hard fork after him. Dabov was a blockchain consultant, Haskell practioneer, and experienced ginkgologist.

https://youtube.com/watch?v=bEGCrUe378M%3Ffeature%3Doembed

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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