Why Cardano (ADA) Price Increasing? Vasil Hard Fork Explained

Why Cardano (ADA) Price Increasing? Vasil Hard Fork Explained

After founder Charles Hoskinson and IOHK officially announced September 22 as the date for the Vasil hard fork, the price of Cardano (ADA) soared by more than 6%. Interestingly, as evidenced by the 4% increase in price in just one hour today, whales and investors are becoming more interested in the ADA price.

Charles Hoskinson, the creator of the blockchain, stated Friday on his YouTube vlog that Cardano has selected September 22 as the date for its Vasil mainnet upgrade. The hard fork has been postponed twice since it was initially slated for June of this year.

Of the top 12 cryptocurrency exchanges, IOHK reported that MEXC and Bitrue are “ready” for the upgrade, Binance is “almost there,” and Upbit, Coinbase, WhiteBit, BKEX, and HitBTC are working on it.

The hard fork, which will include the first significant change to the Plutus script, the programming language used for smart contracts on the Cardano blockchain, will result in increased scalability and cheaper fees, according to developers. Plutus was first introduced in the Alonzo upgrade, which was made in September of the preceding year.

Vasil Dabov, a deceased Cardano community member from Bulgaria who passed away in 2021, is remembered by the fork’s name.

Additionally, the Vasil hard fork passed all three criteria, which included top exchanges upgrading to the 1.35.3 node, top DApps testing the node, and 75% of blocks being produced by SPOs running the node. This metric has increased by more than 87%.

Cardano Price Activity

After Robinhood published the token on September 1 and confirmed the date of the Vasil hard fork, Cardano has seen an increase in whale activity. The top token purchased over the past two days by the 500 largest BSC whales is ADA. In addition, among the top 2000 BSC whales over the past 24 hours, Cardano has seen the largest usage of smart contracts.

In preparation of the Vasil hard fork, the Cardano Community is likewise optimistic. The well-known Cardano whale “ADA Whale” expressed his enthusiasm for the cryptocurrency in a tweet.

Know About Cardano

Cardano is very popular and one of the largest cryptocurrency by the market cap. With a blockchain that is adaptable, sustainable, and scalable for running smart contracts, it is intended to be the next generation of the Ethereum concept. This will enable the creation of a variety of decentralised finance apps, new crypto tokens, games, and more.

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