- Cardano has postponed its awaited network upgrade until July’s final week.
- Charles Hoskinson remains confident everything will go smoothly.
- ADA prices lost 23% within the past two weeks.
Cardano’s governance token has seen a downward move after the Cardano team revealed a delay for the much-awaited Vasil upgrade.
The Input Output Global developers announced nearing Vasil Hardfork completion early this week. Moreover, the team revealed seven bugs requiring fixing before the upgrade. It declared delaying the hard fork proposal to the testnet to ensure more testing.
Previously, Cardano planned the mainnet upgrade for 29 June. However, the delay pushed the fork to July’s final week. IOHK leader Charles Hoskinson tweeted to explain the development on 21 June. He stated that the update was code complete, meaning the team could potentially flip the switch to launch it. Hoskinson added that more testing emerged due to the Terra network collapse.
Vasil Hardfork for Dapp Creators
The Cardano community highly awaited the hard fork, designed to split the blockchain as it promised critical updates.
Vasil Hardfork is among the Basho era, which wants to launch diffusion pipelining to ensure quicker validation and block propagation times. Generally, it enables large blocks plus enhanced transaction throughput without tampering with the consensus mechanism.
That will benefit decentralized applications (Dapps) and non-fungible token (NFT) projects that run on Cardano. Moreover, Hoskinson explained the Vasil upgrade is for Dapp creators. He explained that he did not expect the delay to impact the rollout of Dapps waiting to launch on the platform.
Meanwhile, Vasil remains a critical update for the Cardano blockchain. Moreover, it introduces ‘smart’ contract capability improvements via the Hydra technology, ensuring increased platform throughput.
ADA Prices Down Again
ADA responded to the delay news with a leg down. The alt climbed to the $0.508 weekly high on 21 June. However, ADA lost nearly 8%, trading at $0.468 at this publication. Moreover, the recent bearish run hit ADA hard, losing around 23% within the past two weeks. That had the token losing all gains acquired during the previous 17 months while trading nearly 85% lower from the $3.09 September ATH.
Major network upgrades often propel token prices higher. However, the negative sentiment in the crypto space might change this narrative for ADA.