As hotly anticipated Vasil is live in testnet, Input-Output Global claims it would take roughly four weeks for it to be implemented on the mainnet.
Cardano Launches Vasil on Testnet: Why is This Crucial?
We’re happy to report that today at 20:20 UTC the IOG team has successfully hard forked the #Cardano Testnet. This is an important next step in the journey towards the Vasil upgrade on mainnet. 🧵— Input Output (@InputOutputHK) July 3, 2022
Cardano (ADA), a largest network running on the Proof-of-Stake consensus, has activated its major Vasil upgrade in testnet.
Vasil is to maximize scalability on Cardano by increasing throughput, speed, and efficiency for decentralized applications. What’s more, users can expect lower fees and interoperability with other blockchains.
Cardano’s Vasil upgrade is a major part of the Basho era, which comes as stage four among five big upgrades awaiting the Cardano network. In Cardano, Byron (phase 1) was mainly responsible to provide a robust foundation to the network; Shelley (phase 2) focused on decentralization; Goguen (phase 3) implemented smart contract functionality; whereas Basho (the current phase 4) is set to guarantee maximum scalability.
As stated by IOG, the community has to be “comfortable and ready” before the new upgrade goes live on the mainnet. Underpinned by token ADA, Cardano nodes ecosystem is going to on-bord next generation of dApps.
How Cardano (ADA) Price Reacts
After the announcement of the testnet hardfork completion was made, Cardano (ADA) gained only a little momentum. The price growth was up 0.1% over the period of 24 hours. Transaction volume also dropped by 68%, plummeting from $847.13 million to $150.64 million. Furthermore, whale transactions showed an 82% decrease due to the same reasoning.
Despite a rather underwhelming reaction to the Vasil testnet hardfork, Cardano (ADA) upgrade remains one of the most anticipated in the last few months.
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