Cardano [ADA] finally attaches a date to the Vasil upgrade— Decoding the details
This announcement comes after founder Charles Hoskinson on 26 August, had said the ADA team was waiting on exchanges to have everything in order. With the development meant all exchanges were now pulling the switch on the update procedures.
Following the revelation, development company Input Output noted that they had completed the testing phase. The company also expanded on the developers’ readiness to meet the demands of the ADA community.
VASIL UPGRADE: DATE CONFIRMED ?
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. ?$ADA
— Input Output (@InputOutputHK) September 2, 2022
Usher in greatness
While the much-anticipated event had stalled with a series of postponements, Input Output restated that it would bring so many benefits to the ADA ecosystem.
In summary, the Vasil upgrade would bring cheaper transactions and an increase in Cardano’s network capability. This announcement comes after investment platform Robinhood listed ADA.
For developers, the upgrade offers an opportunity to build better decentralized applications via the ADA ecosystem. It may seem that these developers do not plan to wait until the final upgrade before they begin.
According to Essential Cardano, projects built on the network have continued to increase. Based on its latest report, at least one project was built everyday for the whole of August.
This brought the total number of projects built to 1,076 at August ending from 1,045 at the end of July. Additionally, it had gone up to 1,082 from the few days in September. All of these involved six million native tokens and 49.1 million transactions in the last one week.
Despite the increased number of projects, development activity on the ADA took a big fall. Santiment showed that the decrease had been in progress since 31 August. The fall may not be surprising since Cardano had confirmed slowing down and development and getting set for the final touch.
However, it seemed that Cardano did most of the work between 23 August and 30 August. As for its active addresses, there has been some reaction. At press time, the ADA 24-hour active addresses had increased to 63,183.
Where’s the next stop?
Interestingly, ADA looks to be on its way to turning the update into profits for its investors. CoinMarketCap data showed that ADA was up 3.34% to $0.47 over the last 24 hours. The cryptocurrency had also gained a similar percentage against Bitcoin [BTC] and Ethereum [ETH]. As for its 24-hour volume, there has been a 16.90% rise to $657.19 million. So, can ADA sustain the momentum?
The odds of ADA failing may be to the disappointment of its abhors. This is because the Relative Strength Index (RSI) showed that ADA maintained solid buying momentum. Sustaining the momentum may mean investors could profit more in the short term before the upgrade is completely implemented.