Key Takeaways:
- Cardano (ADA) has officially announced the launch of Vasil Hard-Fork on the testnet
- According to crypto analyst Guy from Coin Bureau, the news can prove to be bullish for ADA
- Any glitches in the code could delay the launch on the mainnet, scheduled in four weeks
YEREVAN (CoinChapter.com) — As Cardano (ADA) completed the much-anticipated Vasil hard-fork upgrade on the testnet, crypto analysts are weighing in with their predictions on the project’s future. According to Coin Bureau’s pseudonymous host Guy, the upgrade will have a positive impact on the price of ADA. He has over 2.8 million followers on YouTube and 704,000 followers on Twitter.
Guy insists that the Vasil upgrade will increase Cardano’s scalability. It will also make it easier to deploy decentralized applications (DApps)
“The good news is that… the expectations around the Vasil hard-fork.. could potentially make the testnet, and especially the mainnet, an extremely bullish event if the improved scalability, which it is expected to bring, exceeds the expectations of both users and developers,”
the analyst claimed.
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Vasil Hard-Fork is finally here, but will it deliver?
Cardano development firm Input Output Hong Kong (IOHK) had initially planned to launch Vasil Hard-Fork in June 2022. However, it was delayed after the developers discovered a series of bugs in the code.
The team sought additional time to clear the glitches before making what they called “the most complex” Cardano upgrade to date. Last week, IOHK announced that the team had submitted a proposal to hard fork the Cardano Testnet.
On Monday, the team came up with a new announcement, revealing that it has completed the testnet Had-Fork.
According to the team, developers now have a four-week window to deploy their projects on the testnet. Once IOHK is confident that ecosystem partners are comfortable & ready, it will submit a proposal to upgrade the Cardano mainnet to Vasil.
According to the given period, the upgrade will come at either end of July or early August 2022. However, Guy thinks this could also play a spoil-sport for ADA’s prospects.
“But, it should be cautioned, that this could be a bearish event should any serious issues be discovered. This was the case of the Alonso testnet in September last year which introduced Cardano’s smart contract functionality,”
he warned.
The stakes are high for Cardano, with investors hoping to see Cardano’s price surge over the news.
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Cardano (ADA) price needs a boost
The ongoing bear market continues to make cryptocurrencies, especially altcoins, bleed. Bitcoin (BTC), the largest crypto by market cap, has seen its biggest quarterly drop since the third quarter of 2011. Back then, BTC was still in its early days.
The nearly 60% crash has pushed the market leader under the $20,00 mark.
On the other hand, ADA, Cardano’s native currency, has taken its fair share of blows. At the time of writing, it trades at $0.4502. This is over 85% lower than its all-time high of $3.10 from last September.
Upon news of the Vasil upgrade, the bulls tried to push ADA’s price up, taking it to a midday high of $0.4707. However, it soon faced a strong correction and fell to $0.4454.
However, Guy also reminded his viewers that some analysts are predicting a possible 60% price crash for ADA in the coming weeks.
“Still, the sad reality is that we are in a crypto bear market, and with so little attention going to altcoins these days, ADA is unlikely to see a meteoric rise anytime soon,”
he said.
A lot depends on the performance of the testnet and one has to wait to see if IOHK will submit a proposal to upgrade the Cardano mainnet to Vasil four weeks from now.
