Cardano has been slowly moving towards the Vasil hard fork for a couple of months now. The upgrade has, however, gone the way of the Ethereum Merge as it has now been postponed twice. Founder Charles Hoskinson attributes the delays to bugs found in the code and the team taking time out to make sure that the code is working properly. Now that that has been resolved, the Vasil hard fork moves into view for all involved.
Vasil Hard Fork Is 50% There
After fixing the node that was causing issues, Cardano announced that the Vasil hard fork was now moving according to plan. Now, the stake pool operators are now updating their nodes to version 1.35.3. This is where the majority of the work left for the Vasil hard fork lies.
For the hard fork to be completed, at least 75% of all stake pool operators are supposed to have updated their nodes to version. 1.35.3. As it stands now, only 46% of all stake pool operators have actually updated their nodes.
This means that the Vasil hard fork is actually halfway through in this regard. Furthermore, to ensure that there is adequate liquidity for the cryptocurrency post-basil hard fork, Cardano has to make sure a sufficient number of crypto exchanges are actually upgrading too. The number currently stands at 25 mid to large-sized crypto exchanges to be onboarded for the update to take place.
ADA trending at $0.46 | Source: ADAUSD on TradingView.com
However, founder Charles Hoskinson has assured the community that there will be no more delays with the hard fork. According to him, the developers had been able to find and fix all of the major bugs causing the delays.
Cardano Price Still Struggling
Over the last couple of weeks, the price of Cardano has been struggling along with the rest of the market. While it was expected that the hype behind the Vasil hard fork would propel the price of the digital asset upward, the reverse has been the case.
After trending around $0.55 for what seemed like an eternity, ADA had begun to record some significant movement; downwards. The decline in price has pushed the cryptocurrency further down on the list of largest cryptocurrencies by market cap. ADA is now ranked 8th, just ahead of fellow smart contracts network Solana, with a market cap of $15.5 billion.
At the time of this writing, the price of ADA is trending around $0.46, with a circulating supply of 33.73 billion. The price of the digital asset is down 13.82% in the last 7 days. ADA has also plunged below its 100-day moving average. If it fails to recover above the 5-day moving average today, then it will likely test $0.4 this week.
Featured image from Zipmex, chart from TradingView.com
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