The most important and anticipated update of Cardano’s ($ADA.X) network hit that blockchain’s testnet this week – with resounding success. The Vasil hard-fork increases the entire network’s scalability, efficacy, and efficiency. But, of course, the area that will most benefit from the upgrade is dapps.
Addressing concerns about the delay of Vasil, during one of his AMAs on YouTube, Cardano founder Charles Hoskinson cited the collapse of Terra’s Luna ($LUNA.X) as a reason to “… measure three times and cut once given the nature of things.”
Cardano has historically erred on the side of caution and takes more time as opposed to rushing goals to meet fanboy demand. Hoskinson last night confirmed that smart contracts wouldn’t need to be rewritten.
Activity on Cardano’s network continues to grow. In 2021, it was the most developed blockchain on Github. And despite the bearish price action across the cryptocurrency market, Sanbase reported that in June 2022, Cardano had the most development activity.
Despite all the haters, Cardano is one of the few altcoins released in late 2017 that has so far weathered two bear markets and has only seen activity and hodlership increase. Of course, it helps that the voice and face of your cryptocurrency doesn’t act like Willy Wonka. I mean the Johnny Depp Willy Wonka, not the Gene Wilder Willy Wonka. To be clear, Charles Hoskinson is the Gene Wilder Willy Wonka.
Understandably, this is very bullish, but there is no pamp for ADA yet – nor is there a damp. We’ll keep a close on how the market reacts to this news over the weekend and into next week. 🤞