Cardano followed the general sentiment in the market and recorded a small recovery during today’s trading session. ADA seems poised to benefit if Bitcoin and larger cryptocurrencies manage to extend bullish momentum.
At the time of writing, ADA is trading at $0.45, making a 2% gain over the past 24 hours. Cardano is still losing 6% over the past 7 days.
The company behind Cardano’s successful development of Input-Output Global (IOG) forked The testnet of the network. An “important” step in the upcoming rollout of the Vasil upgrade on mainnet.
The company called on stake pool operators, exchange platforms and other players to “begin their final testing and integration process.” A month later, Cardano will launch Vasil on its mainnet and will complete one of its most important milestones of 2022.
According to IOG, Vasil will provide Cardano with “significant performance and capability upgrades.” The network will be able to improve its performance and throughput by providing developers with a “better experience.”
Additionally, the network will become more interoperable and have new features, such as the Ethereum Virtual Machine (EVM), which will aid in the task of migrating ERC20 tokens to Cardano. This could open the door to launching new decentralized applications (dApps) and protocols on the network. The International Olympic Committee said:
The Vasil upgrade is the most ambitious work program we have ever undertaken. The whole community is involved. Our primary concern is to ensure that we manage this upgrade in a safe and secure manner.
Still, it may take some time for these dApps to grow as developers launch the tools and allow users to interact with them. However, the long-term bullish potential is expanding. On this topic, developer Sebastian Guillemot Say:
A related challenge is that although they will now be supported at the protocol level, it will take some time to build around these tools. Notably, this will require some major changes to the way the wallet handles tokens.
Cardano founders talk about their priorities for 2022
As the network progresses towards the Vasil upgrade, IOG CEO Charles Hoskinson, spoke About the work that happens behind the scenes. 2022 is the year dedicated to adoption, improving scalability, and expanding the dApp ecosystem.
In that sense, Hoskinson talked about the importance of recent network updates, including the Alonzo Hard Fork. According to the inventor of Cardano, the results are already tangible and will continue to use Vasil:
The work we’re doing is showing – we have a rapidly growing dApp and a vibrant NFT ecosystem with over 1,000 projects currently building on Cardano (…). Defining a pivotal moment is always difficult, but the Vasil hard fork is very important.
Once these improvements are in place, the IOG will turn its attention to governance. As Hoskinson said, they will still be working on updating the network, but “with a theme every year.”
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Ultimately, Hoskinson said, the network will realize its potential by delivering real-world value and use cases to users. This goes hand-in-hand with having a “clear” roadmap, despite criticism of the delay for some users:
We have been pursuing a clear, phased roadmap to unlock Cardano’s capabilities and reach its long-term potential.