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Cardano’s Vasil hard fork is the most anticipated upgrade as it improves the functionality, performance, scalability, and interoperability of the Cardano network. The IOG/Cardano Foundation team will deploy the Vasil hard fork using the Hard Fork Combinator (HFC) technology on September 22. While the Cardano (ADA) price is showing strength, experts believe the price could dive to $0.33 before a rally.
The Vasil Hard Fork Readiness
The Vasil hard fork is estimated to happen on September 22 at 21:44 UTC. It will further improve the Cardano proof-of-stake (PoS) blockchain in terms of transaction fees, DApps scalability, and transaction speed.
The major features and capabilities of the Vasil hard fork include Plutus v2 scripts, diffusion pipelining, reference inputs, inline datums, reference scripts, and data serialization primitive.
The Cardano Foundation, IOG, stake pool operators (SPOs), DApp developers, and crypto exchanges have performed testing against the 1.35.3 node. Recently, the Cardano Foundation and IOG team successfully submitted the Vasil update proposal to mainnet, setting the upgrade to happen on September 22.
The Vasil hard fork is now ready to be triggered as all 3 conditions including 75% of mainnet blocks created by the 1.35.3 node, 25 crypto exchanges upgraded, and top 10 DApps upgraded to 1.35.3 have been completed.
As per Cardano’s “Ecosystem readiness for Vasil upgrade,” 99% of mainnet blocks are created by the Vasil node 1.35.3. Moreover, the top DApps have confirmed their readiness.
Meanwhile, over 30 crypto exchanges are now ready to provide liquidity. In fact, out of 12 top crypto exchanges by liquidity including Binance, Upbit, MEXC, and Bitrue are “ready”, but Coinbase is still “in progress”.
It means the team can proceed with triggering the Vasil hard fork at the appropriate time.
Cardano (ADA) Price Risks Falling
While the Vasil hard fork has increased community sentiment, the Cardano price may fall to $0.33. Popular analyst Peter Brandt warned that the Cardano (ADA) price chart has formed a “descending triangle” pattern. He predicts the ADA price should witness more decline. However, he also hints that the macro and Vasil hard fork may paint a different picture.
Therefore, if the ADA price decline after the Fed rate hike today and Vasil hard fork, the ADA price can dive to $0.33. However, if the ADA price gains strength, the price could rally to $1.
At the time of writing, the ADA price is trading over $0.45, up nearly 3% in the last 24 hours. The trading volume has jumped nearly 45%.
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