Cardano Turns 5! Rolls Out The Entirety Of The Vasil Improvements
The post Cardano Turns 5! Rolls Out The Entirety Of The Vasil Improvements appeared first on Coinpedia Fintech News
Cardano (ADA) just completed the launch of its much-awaited Vasil hard fork on September 22. The Vasil improvements have gone live on the main net as ADA turns five this month. In addition, Input Output Global (IOG) tweeted about rolling out the Plutus V2 cost model on the chain a few days after the launch.
According to IOG, the new cost model is supposed to make decentralized applications (DApps) more efficient and cheaper. According to a blog post by IOG, several DApps, including Indigo protocol, a tokenization network, Liqwid Finance, and Maladex, a Cardano-based decentralized exchange (DEX), were waiting to take advantage of the new Plutus version.
Currently, the network is in the penultimate phase, the Basho era, an era of improved scalability. Founder Hoskinson hinted that IOG would be pushing the network into the Voltaire era next year.
Vasil Hardfork is Ready to Go live! Here’s How Cardano (ADA) Price Will React
The Vasil Hard Fork for the Cardano network is a much-awaited event that aims to speed up transaction time, lower fees and increase the scalability of decentralized apps (dApps). However, it seems to bring no change in the price graph but rather a bearish trend for Cardano (ADA) as it is at risk of a major crash due to the selling of the news of Vasil Hard Fork.
The Vasil Hard Fork Follows The Trails Of The Ethereum Merge
Before the announcement of the Vasil Hard Fork, Cardano was on a bearish trend, but it soon saw a 25% price hike following the hype of the news. Investors and traders started investing in ADA and pushed its price due to the anticipation of the much-awaited upgrade of the Cardano network. However, it seems that the hype will become dead as people are willing to sell off their holdings after the layer two upgrades of the network.
We can refer to this price action of ADA to ‘Buy the rumor, sell the news as the anticipation of the Vasil hard fork will no longer be emerging to bring an upward price action after the upgrade. This means that when an event or upgrade is announced, people start buying that crypto project with speculation that it will bring fruitful returns.
Due to mass buying, the price of the crypto surges, but when the event is over, there is no one left to keep pushing the crypto’s price up or continue buying. Thus, it leads people to sell their profit after the event, resulting in a price crash.
According to our analysis, the same had happened with the Ethereum Merge as Ethereum saw a significant price hike before the Merge as investors were making big investments in their ETH positions, helping Ethereum with a rise from $1,600 to a high of $1,786 before the merge event.
But the ETH’s price quickly dropped by 25% after the merger as traders and investors started liquidating their ETH positions to take out the profit. According to CoinMarketCap, ETH is currently trading at $1,292, with a price drop of 4.74% from yesterday.
What Lies Next For ADA?
The ADA price is currently trading near $0.45. Cardano (ADA) price has been trading sideways in the $0.42-$0.55 range since May, and it has not seen much price action, which was expected due to the hype of the Vasil Hard Fork.
Despite the Fed rate hikes and whale movements, ADA price has failed to show any significant activity in the graph on both sides. Analysts of the crypto community believe that Cardano has become numb and weak, and its price can drop further after the Vasli Hard Fork.
Famous technical analyst Peter Brandt warned investors that ADA had formed a descending triangle in the price graph, indicating a major crash ahead in the price chart. Dan Gambardello, the founder of Crypto Capital Venture, advised investors to be prepared for both side movements as Cardano forms a descending triangle. If Cardano starts a bearish moment, it can drop to a price level of $0.33. Meanwhile, on the upper side, ADA can surge to $1 if it breaks the trendline.
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Uncharted Altcoins Ready to Explode Soon After the Cardano’s Vasil Hard Fork Upgrade!
With the recent hike in the FED rates, the crypto markets have been impacted slightly as the DXY index witnessed a slight drop but continues to hover within the crucial zones. With this, the Bitcoin price underwent a notable drop below $19,000. But the raising market sentiments around the upcoming Cardano’s Vasil Hard Fork could have uplifted the broader markets to some extent.
In such a scenario some of the Cardano-based altcoins are gearing up to rise high immediately after the Vasil Hard Fork.
Ardana (DANA)
Ardana is a decentralized stablecoin hub for the Cardano network which offers an on-chain asset-backed stablecoin & a decentralized stable-asset DEX. it is considered the best-priced solution for stablecoin-to-stablecoin trading as the platform is powering Cardano & building multi-chain bridges.
The native token of Ardana DANA is trading at $0.1834 with a minor drop of 2.24% compared to the previous trading day.
Milkomeda
It is a side protocol in the protocol that empowers several blockchains including Cardano to interconnect & create a path for long-term scaling. It enables the non-EVM cryptos to achieve mass adoption by empowering the EVM-based sidechains. The project is expected to extend its services to other blockchains including Algorand, Terra & Solana.
However, the native token of the platform is yet to be released which is expected to uplift the ecosystem to new highs.
MELD(MELD)
MELD is a non-custodial protocol Defi protocol used for lending and borrowing. One can borrow fiat against crypto and avail yield on the crypto collateral. The native token is used for the governance of the protocol. MELD aims to reduce 99% of the fees compared to that of the Ethereum-based solutions by capitalizing on Cardano’s transaction efficiency.
The token MELD is trading presently at $0.01943 with a jump of 4% in the past 24 hours with a circulating supply of 2.23 billion.
Sundae Swap (SUNDAE)
Sundae Swap is a decentralized exchange protocol for the Cardano Network that enables ADA & exchanges to everyone. One can easily swap, stake, lend borrow in a truly decentralized way. The platform holds immense backing from the community and the native token is supported by platform-supported wallets like Daedalus, Yoroi & Adalite Wallets.
The native token SUNDAE is currently trading at $$0.02656 with a drop of 1.68% compared to the previous day.
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Cardano (ADA) Price To Hit $1 With Vasil Hard Fork, Claims Popular Analyst
The crypto market witnessed two major events in 2022- the Ethereum Merge and Cardano’s Vasil Hardfork. On September 15, Ethereum successfully completed its merge which transformed the network from proof-of-work (PoW) to proof-of-stake (PoS). Now, all eyes are on Cardano’s upgrade which is focused on sustainability.
Meanwhile, a well-known crypto analyst and trader is of the opinion that Cardano’s (ADA) price action and the project’s fundamentals have a lot of differences.
In his latest strategy session, analyst Michael van de Poppe informs his 165,000 Youtube followers that with Cardano’s Vasil hard fork, there come huge opportunities. The Vasil hard-fork is expected to be launched on September 22nd which will raise the network’s scalability.
Massive Opportunity With Vasil Hard Fork
He explains that though most of the market participants are expecting to see a downfall after the upgrade, the scenario will be the opposite. As per the analyst, for Cardano, the price level near $0.32 and $0.40 is the area to keep an eye on as the currency shouldn’t lose this range. This is the price area that will act as support in the next trade cycle.
Van de Poppe further claims that there is no proper encouragement for the Vasil hard fork and the hype isn’t that level that will push the currency upwards. Hence, he believes that the upgrade will attract huge opportunities if the hard fork is introduced on a positive note which is expected to be similar to that of the Ethereum merge.
He then asserts that if the upgrade is successful, Cardano’s (ADA) price will see a positive move towards $1.00 after the event.
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How Will Cardano Price Perform Ahead Of The Vasil Hardfork?
Cardano’s Vasil Hard Fork, which is scheduled to go live on September 22, aims to improve the functionality, performance, and scalability of the network. Currently, the ADA price also appears to have risen a bit, which may be due to the rising sentiments ahead of the fork which is just a couple of days away.
The fork is all set to bring out new features & capabilities like Plutus V2 Scripts, Diffusion Pipelining, Script Collateral adjustment, Reference inputs, Inline datums, Reference scripts, Datums & redeemers, etc.
As the event is fast approaching, the ADA price received significant boosts that assisted the price to rebound as it had reached the bottom close to $0.45.
Presently, the ADA price is swinging within a symmetrical triangle and has just risen above the lower support. Woefully, the bulls appear to be exhausted to a large extent and hence, the price is heavily consolidating within narrow ranges. If the price manages to rise beyond the crucial 50-day MA levels, then the chances of the price breaking out from the triangle & surging could be high.
On the contrary, if the Cardano (ADA) price drops back towards the support, it may rebound again to reach the apex of the triangle. Here, if the bulls gain momentum, the price could eventually break above the triangle. Else, the price may continue extending the apex of the symmetrical triangle by consolidating within parallel ranges.
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Ethereum Merger Fails To Produce Impressive Results, Will The ADA Vasil Hardfork Meet The Same Fate? – Coinpedia – Fintech & Cryptocurreny News Media
September has been historically bearish and its strength was proved yet again as, despite the immense positive sentiments around the Ethereum Merger, the ETH price failed to surge.
impact the crypto price.
The ETH price underwent a short-term bounce which was followed by a drop below $1600 again. Now, when the Cardano platform is due to undergo a Hard fork in a week’s time, investors believe the trend may be mirrored.
The Vasil Hard Fork is believed to improve the performance of the Cardano chain and as per the developers, the fork will launch a significant upgrade to the Plutus script. The 3rd development epoch of Cardano carries multiple Cardano Improvement Proposals (CIP) which are designed to improve the performance of the Cardano blockchain.
The ADA price, regardless of the trends is expected to plunge hard after the pressure built up around $0.48 breaks.
The ADA price slipped to the lower bands of the parallel channel and headed towards the lower support. The token has formed a double bottom pattern and may rise beyond the middle bands in the coming few days. Currently, investors are struggling with the fast-moving components of the markets. Further, after a slight pullback, the traders jumped in which triggered a slight recovery but failed to recover the losses.
In the coming days, Ethereum’s price, which is currently stuck between $0.488 & $0.46 is expected to continue with its downside. Another leg down could trigger a drop to $0.42 levels in the coming days. However, it would be fascinating to watch whether the Vasil Hard Fork could induce significant bullish momentum soon or not.
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Cardano’s Vasil Hard Fork is 95% Ready While Only 20K Blocks Left For the Ethereum Merge!
The crypto space is expected to manifest extreme action in the upcoming days, as 2 of the most important events are close to reaching their destination. While Ethereum Merger is scheduled between September 13 & 15, Vasil hard Fork will be accomplished on September 22, 2022. Therefore, the two most awaited events are expected to turn the tables for the entire crypto space which may assist the Q4 to begin with a bullish note.
Will ETH Price Hit $2000 Ahead of the Merger?
It is now only a few blocks left to be mined before the Ethereum platforms undergo a complete transition from Proof-of-Work to Proof-of-Stake. After nearly 8 years of the roadmap, the platform is now very closer to creating history within the crypto space.
The initial transition is the gateway that opens the possibilities for a more scalable & efficient network. The investors appear to be pretty confident of the ETH price rally after the Merger as the volume of loans to ETH has spiked enormously. The total amount of coins borrowed exceeded $1 billion.
While the Merger is to be accomplished this week, the ETH price is also expected to coil up significantly. Currently, the asset is trading at $1755, within a significant bullish trend. Therefore, the price is expected to coil up and break the immediate barrier at $1800 and eventually reach close to $2000 soon.
Cardano’s VASIL Hard Fork Incoming, Why ADA Price Consolidating?
In a recent update, the Cardano platform is fast approaching its destiny that resides within the Vasil Hard Fork, scheduled on September 22, 2022. Presently, more than 94% of the mainnet blocks have been created by the final Vasil node candidate(1.35.3).
On the other hand, the exchanges like Binance, MEXC, BitTrue, Gate.io, BTC Turk, OKX, Whitebit, etc have indicated their readiness for the upcoming event. Additionally, 50% of the top Cardano dApps have the tested status in preproduction, while the others remain in testing. Nearly 1093 projects are building on Cardano, while more than 3000 scripts have been rolled out on Plutus.
Therefore, with the raising market sentiments and development activity, the Cardano (ADA) price is also set to rise high in the coming days.
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Cardano (ADA) Price Set To hit $0.6 Level As Vasil Hard Fork Approaches
A popular crypto analyst and trader claim that Cardano (ADA) is expected to rally after the upcoming Vasil hard fork upgrade is completed.
The analyst, Benjamin Cowen informs his 767,000 followers on YouTube that though Cardano (ADA), a smart contract platform is currently struggling for a bull run, ADA might hit $0.60.
He goes on to say that if Cardano (ADA) manages to push the price between $0.52 and $0.60, that will be a major milestone for ADA. This is because right now the world’s first cryptocurrency, Bitcoin along with other cryptocurrencies is stuck in bear control while the dollar is surging.
After such an extremely bullish prediction towards Cardano, Benjamin claims to be closely observing ADA/ETH price action.
Furthermore, the strategist asserts that if he plans to purchase any altcoin such as ADA, then he should perceive that the purchased altcoin should outperform Bitcoin and Ethereum. He also quotes that if ADA/ETH is below the said range, then he will be more positive that the altcoin will outpace the first two cryptocurrencies.
Moreover, Cowen believes that Ethereum’s upcoming merge which transforms the current proof-of-work (PoW) to proof-of-stake (PoS) will be a positive incident for ADA price action as well.
He says that the ETH merger might push ADA towards $0.60, so it’s important to watch ADA price near $0.50 and $0.60 area which will be a significant resistance range.
At the time of reporting, Cardano is trading at $0.509 after a surge of 3.29% over the last 24hrs.
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Cardano’s Vasil Hard Fork Rolled-Out Will ADA Price Hit $1 Now?
September, despite being bearish is coming out to be the most important month for the entire crypto space. Two of the most powerful crypto asset are preparing for their most awaited network upgrade. After the announcement of the Ethereum Merger, the Cardano community was eagerly waiting for the Vasil Hard Fork’s date.
In the latest update, the IOHK rolled out the date for the Vasil Hard Fork, and since then the ADA price is trading stronger.
As the founder, Charles Hoskinson has earlier hinted on the Hard fork to be in September, now it’s confirmed to be on September 22, a week after the Ethereum Merger.
Will ADA Price Now Rise Above $1?
Ever since the date for the hard fork is rolled out, ADA price is flashing huge bullish signals. After it sliced above the crucial 50-day MA levels, Cardano seems to be poised to surpass $0.5 this weekend.
From the above chart, it is quite evident that the asset was self-assured of ranging towards the north and for that reason, it maintained its trend within an ascending triangle. The price attempted to breach through the triangle but failed. However, the ADA bulls appear to have uplifted the price above the triangle, manifesting a bullish trend ahead.
The ADA price, a year ago in September 2021 also manifested an independent rally to reach the ATH above $3, while the entire crypto space traded sideways. Presently, the asset seems to be preparing for a similar rally and eventually rising price above $1 before the Cardano Vasil Hard Fork.
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Cardano Vasil Hardfork Finally Scheduled on September 22nd ! – Coinpedia – Fintech & Cryptocurreny News Media
Input Output, a Cardano developer, has announced that the highly awaited Vasil upgrade will occur on September 22. After “extensive testing” of all key components, the business was able to publicly declare the date. Technical issues forced numerous postponements of the Vasil upgrade, which was first scheduled to happen in June.
The Vasil hard fork, according to Input Output, is the biggest upgrade to date because it will significantly increase the network’s capacity. Additionally, Cardano developers will have the ability to create more complex decentralized applications.
The Vasil Upgrade is named in honor of the late Vasil Dabov, a devoted Cardano community member. It seeks to strengthen the Cardano network and raise its general efficiency. Additionally, the Vasil Upgrade will reduce block interaction latency while boosting Cardano’s script’s throughput and efficiency.
To proceed with the upgrade, Input Output required to confirm that at least 75% of mainnet blocks were being generated with node version 1.35.3.
In addition, it has to integrate with about 25 exchanges, which together account for the majority of ADA token liquidity and the biggest decentralized applications in terms of total value locked.
Due to the fact that Cardano is now performing “good” in relation to all of these indicators, the hard fork date has been formally confirmed.
Robinhood Announces Cardano listing
Just as the chain is getting ready for the crucial Vasil upgrade, Cardano has now been listed on Robinhood’s platform, the company said in a statement on September 1.
Users of Robinhood have access to trade the ADA and get exposure to its spot price on the same day. According to Robinhood, the platform included ADA because of demand.
The Robinhood listing happens as Cardano gets ready for the eagerly awaited Vasil upgrade. The mainnet update, which was originally planned for July, was postponed in order to address bugs and guarantee the rollout of a stable upgrade.
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Robinhood Lists Cardano (ADA) Ahead Of Vasil Hard Fork
It’s official now! The commission-free investment app Robinhood has now listed Cardano (ADA0 along with a few other cryptocurrencies after a huge demand. ADA holders can now buy and sell their Cardano holdings without any additional commission or fees.
At the moment, Cardano, the eighth largest cryptocurrency by market cap is trading at $0.44 with a pull off by 1.36% over the last 24hrs.
The listing was confirmed through Twitter by Robinhood today as the platform received massive demand to list Cardano (ADA). However, the users have to wait before starting their trade as the service is yet to start.
The Cardano community is now more optimistic on Cardano as a result of the listing of Cardano (ADA) shortly before the long awaited Vasil hard fork. Cardano’s creator, Charles Hoskinson, has previously asserted that the Vasil hard fork will probably take place in September.
Recently, the platform had listed Compound (COMP), Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), and Chainlink (LINK) and in July Robinhood had also supported Avalanche (AVAX) and Stellar (XLM).
Additionally, along with ADA, the financial service company offered assistance for deposit and withdrawal of MATIC tokens on Polygon blockchain. This service will allow 37,000 dApps on Polygon to operate lending, borrowing and swapping.
The Cardano (ADA) is expected to reach around $0.55 with Vasil hard fork around the corner. The 1.35.3 node’s SPOs are responsible for 85% of mainnet block manufacturing, according to data from PoolTool. For the Vasil hard fork, a target of 75% was set. Exchanges and dApps, however, take time to respond.
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Cardano (ADA) Price to Surge 50% in September With Vasil Hard Fork Upgrade
Cardano’s (ADA) Blockchain is all set for the Vasil Hard Fork to upgrade in September. This is supposed to radically change the network’s protocol regarding transaction fees, speed, and a decentralized App.
According to a popular crypto analyst, Cardano (ADA) may outperform Bitcoin (BTC) in the short term as traders may think of hedging against Ethereum’s (ETH) upcoming merger event.
The Coin Bureau host told his 2.1 million YouTube subscribers that he views ETH competitors as hedges against the Merge if the update doesn’t go as planned.
“One of the ways I’ve personally been hedging myself against something going wrong with Ethereum’s merge is to hold competing smart contract cryptocurrencies as a part of my portfolio, and this includes Cardano’s ADA,” he mentioned.
The Youtuber continued by saying that Cardano seems all geared up to see gains against the top digital asset by market cap.
“ADA seems to be overdue for an appreciation against BTC on the weekly chart. This is because ADA has historically fallen against ETH for around eight weeks before seeing a multi-week rally. As you can see, ADA has been falling against ETH for about eight weeks and is showing signs of a reversal”
The host went on to predict that Cardano (ADA) could see a 50% gain soon.
He added;
“Note that [appreciating against BTC] does not necessarily translate to a higher price for ADA in fiat terms, but ADA’s daily and weekly price action in fiat terms suggest it could see a 50% gain in the coming weeks.
But I must stress that this ultimately depends on whether the crypto market sees a short-term recovery. I should also note that Cardano’s Vasil hard fork will expose the project to the same sorts of issues Ethereum could experience during its upgrade.
This is probably why other Ethereum competitors such as Solana appear to be on the brink of a bigger breakout against both ETH and the USD.”
ADA is floating at $0.4487 at the time of writing, with a trading volume of $424,904,899.
The Cardano (ADA) Upgrade
Currently, Cardano (ADA) is the eighth largest cryptocurrency by market capitalization. Cardano’s Blockchain is all set for the Vasil Hard Fork to upgrade in September.
The Vasil Hard Fork upgrade will supposedly improve the network’s performance and Cardano’s Plutus smart contract programming language, which aims to support the creation of decentralized applications (dApps). About a week ago, Charles Hoskinson from Cardano tweeted about the progress of the Vasil Hard Fork upgrade.
The Cardano Upgrade is expected to bring in a host of changes in terms of transaction fees, scalability of the Decentralised App, and the speed of transactions.
Sharing his views on the same, the Coin Bureau host said that ADA counteracts as a hedge against the Ethereum Merge mainly because Cardano itself is also going to make this Vasil Hard Fork Upgradation in September.
“It would be an admittedly strategic move if Cardano improved its scalability around the time Ethereum transitions to proof-of-stake. This is because it would put Cardano in a perfect position to acquire users and investors if The Merge fails or simply fails to meet the expectations of ETH holders.”