NewsletterADA Total Supply: Cardano Vasil Hard Fork Hype Brings Up Confusion
After showing high performance signs ahead of the Vasil hard fork, Cardano is increasingly buzzing in terms of social activity. The upcoming hard fork upgrade would be one of the biggest improvements on the network so far. Meanwhile, the Cardano (ADA) price followed an upward curve in the last few days. The Cardano Vasil hard fork is scheduled for September 22, within a week from the Ethereum Merge.
ADA Total Supply & The Vasil Hard Fork
In this context, the chief executive officer of Cardano, Charles Hoskinson, cleared some misconceptions about the network upgrade. Responding to a tweet on the possibility of altering the total Cardano (ADA) supply, he said it has nothing to do with Vasil hard fork. In fact, he said he is not even capable of enforcing the network upgrade. A Bitcoin enthusiast, Bryan, had on Twitter stated that Hoskinson could alter the total supply. In reply, the Cardano CEO dismissed the claims.
“I can’t even force the vasil hardfork and everyone wants it.”
Meanwhile, Cardano (ADA) enthusiasts are banking on the hard fork upgrade to make profits from their positions. In the last one week, ADA saw two cycles of ups and downs, showing high volatility. As of writing, Cardano (ADA) stands at $0.4952, up 5.08% in the last 24 hours, according to CoinMarketCap. At one point earlier in the week, ADA reached a high of around $0.50.
Hard Fork Aimed At Improved Scalability
With the upcoming hard fork, the Cardano network aims to upgrade its scaling capacities and lower costs. This could be a huge boost for ADA’s future chances. Also, the Vasil hard fork update could enable developers to create more powerful and efficient blockchain-based applications.
This comes at a time when the U.S. administration plans to curb proof of work based crypto mining operations. A White House report indicated that it could place a ban on high energy intensity consensus mechanisms. This is in view of potential environmental impact from the mining activities through proof of work method.
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