ADA, the native cryptocurrency of the Cardano blockchain has jumped 7% in the last 24 hours trading at $0.47. The latest price jump in Cardano ADA happens as the much-awaited Vasil hardfork on Cardano goes live.
Cardano’s parent organization Input Output Global (IOG) announced that they have successfully implemented the Vasil upgrade on the Cardano mainnet. The recent launch was very important for the Cardano community considering some delays over the last few months. The announcement fro IOG read:
We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
The Vasil hardfork brings major performance and network capability improvement to the Cardano blockchain. It also provides higher throughput capabilities, better developer experience, improved network performance, and lower costs.
The Plutus script upgrades add new capabilities which will available to the developers on the Cardano mainnet by September 27. The announcement from IOG stated: “On September 27, at the start of the new epoch, the new Plutus V2 cost model will be active on the chain, thus opening up full #Vasil functionality for the developer community”.
Big Win for Cardano Community
The crypto community congratulated the Cardano team for a very smooth implementation of the Vasil upgrade. DeFi platform Genius Yield called it “one of the most complex and consequential updates to the #Cardano network ever done”. Bill Barhydt, founder of crypto trading platform Abra also called it a big win for Cardano developers. He added:
Congrats to Cardano ($ADA) team on Vasil hardfork. More hard work in crypto paying off. Making UTXO’s and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done!
What After Vasil Hardfork?
Following the success of the Vasil upgrade, the Cardano team will now focus on building its Layer-2 scalability solution, the Hydra protocol. The Hydra protocol will process transactions off the Cardano blockchain while still using the mainnet as the security and the settlement layer. The launch of the Kydra protocol will happen in late 2022 or during the first quarter of 2023.