Vasil hard fork, one of the most anticipated updates of the Cardano (ADA) ecosystem, has been delayed again. The reason behind this is to do more testing and ensure a smooth launch. Here are the details…
Cardano Vasil hard fork delayed
The Vasil hard fork was scheduled to be deployed by the end of July. But on Friday, Kevin Hammond, chief technology officer of IOHK, announced that there could be a delay of a few more weeks. The Vasil hard fork will greatly increase the scalability and performance of the Cardano Blockchain. In June, IOHK confirmed that there were no fatal errors. However, he announced that there were 7 errors left. It would also run some tests to make sure everything was working as expected.
Now, Tim Harrison, vice president of IOG, and Kevin Hammond, chief technology officer at Cardano 360, have explained that with further testing, several issues have emerged. Vasil announced that his hard fork will be delayed due to access issues and minor preparations. Hammond used the following statements:
Frankly, we have a few more weeks to go from where we are to the real Vasil hard fork. This is incredibly important. All users need to be ready to go through the hard fork to ensure that Cardano Blockchain is a smooth process for both them and their end users.
Cardano’s trading volumes are down
Meanwhile, Cardano (ADA) trading volumes are falling, according to the data. Interest in ADA appears to be waning, according to data shared by The TIE, the “leading information services provider for digital assets,” whose main offering is the Crypto SigDev Terminal. cryptocoin.comAs we reported, Cardano has recently become one of the top 10 whale holdings on BNB Chain (formerly Binance Smart Chain) as investors bet on the cryptocurrency ahead of the highly anticipated Vasil hard fork.
Twitter and Trading Volumes for $ADA are at 6 Month lows.
Despite this lull in attention, the 8th biggest Digital Asset is scheduled to undergo the Vasil Hardfork at the end of July, which should greatly improve dApp and Smart Contract experience on Cardano. pic.twitter.com/8gGuF1gxZQ
— The Tie (@TheTieIO) July 27, 2022
The Vasil hard fork is a major update that will include four Cardano Improvement Proposals (CIPs). Cardano creator Charles Hoskison said the hard fork would provide a “huge performance boost”. Data from Coinbase’s price sheets shows that Nasdaq-listed cryptocurrency exchange users have a typical ADA hold period of 153 days. That is, Cardano investors on the platform held their assets “long before they sold or posted or posted to another account.”
In contrast, the platform’s data shows that its users who invest in Bitcoin (BTC) have a typical holding time: 130 days. Users investing in Ethereum (ETH) have a typical holding period of 105 days. The typical waiting time for those investing in Solana (SOL) is 100 days. A long holding period “indicates a tendency to accumulate,” according to the cryptocurrency exchange. A short holding period “indicates increasing movement of tokens”. Notably, Coinbase’s social indicators show that the share of Cardano posts compared to the broader market over the last 24-hour period was just 1.3 percent.
