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June 21, 2022

Cardano (ADA) Price Analysis 06/21

Vasil hard fork implementation has been postponed by IOG, the company behind Cardano (ADA), to allow for more testing and problem fixes.

Cardano’s upgrading to the new “Basho” period has been postponed till a later date.

Cardano’s native coin, ADA, is a public and decentralized proof-of-stake blockchain that competes with Ethereum for market share. On June 29th, Cardano’s so-called “Vasil hard fork” event was expected to take place.

Hemsley wrote a blog post on June 20 stating that the network upgrade should not be hastily implemented.

According to Hemsley, the IOG engineering team is just seven bugs away from completing the hard fork work, none of which are presently classed as severe. In the end, they decided to postpone sending the hard fork update proposal to the testnet today so that additional time could be given for testing, he said.

Because quality and security are so important to them, the developers are making sure that everything is operating as planned before releasing the product. IOG and the Cardano Foundation are now scheduled to hard fork the testnet at the end of June, according to the amended timeline.

Exchanges, stake pools, and the rest of the ecosystem will have four weeks to incorporate and test the new upgrade when it is completed.

Cardano’s mainnet hard fork is scheduled for the final week of July, and at least 80% of trading platforms must be compatible. As a result, “we are behind track on our previously disclosed goal date of June 29,” Hemsley said.

There are no definite deadlines in software development, according to IOG. There are a number of key network upgrades that will be included with the Vasil fork, which is named after Bulgarian mathematician Vasil Dabov.

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The concurrency problem that has severely restricted the scalability of Cardano’s decentralized financial applications is also anticipated to be resolved.

On the announcement, IOG said that this was its most complicated development and integration project to yet, from a number of aspects, and that launching the hard fork would need extensive cooperation across the whole ecosystem.

The announcement of the delay has had little effect on the price of ADA. Its market capitalization has risen to almost $17 billion at the time of this writing, a gain of only 1.01 percent in a single day.