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The Cardano (ADA) hard fork has generated great expectations in the market. Therefore, the cryptocurrency price shot up 5.4% in 24 hours and displaced XRP in the seventh position of market capitalization.

Last Friday, Cardano‘s founder Charles Hoskinson (Ethereum’s co-founder also) announced that the Vasil hard fork would take place on September 22, 2022. Additionally, exchanges holding close to 80% of Cardano’s liquidity have started to upgrade to be ready for launch.

The Cardano market price has hovered over the last 90 days between $0.40 and $0.66. Therefore, at the time of writing this article, it stands at $0.50 [CoinMarketCap]. Also, its market capitalization is $16.9 million, while XRP’s is 16.4 million.

What is the Vasil update?

Vasil is one of the most important updates of Cardano to date. It was scheduled for July and is part of three hard forks described in the 2022 Cardano’s roadmap. With this update, Cardano seeks to increase the network’s capacity and impact the market by lowering the cost of network transactions.

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Additionally, Vasil will offer enhancements to Plutus, the smart contract platform of the Cardano blockchain. Thus, developers will be able to create more powerful and efficient blockchain-based applications. 

Furthermore, Vasil will reduce block transmission latency, i.e., the time it takes for a block of transactions to propagate through the network. Cardano users do not need to take any action for the Vasil upgrade.

The Cardano hard fork will happen around the same time as the one upgrade of the second largest cryptocurrency on the market. We are talking about The Merge of Ethereum (ETH), an update that will take place in two phases. The first phase, Bellatrix, will take place on September 6. The second update phase for The Merge will go live sometime between September 10 and 20.

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Bitcoin struggles to recover

While Cardano is one of the most valuable crypto assets on the market, it has been ten days since the price of Bitcoin (BTC) remains at $19,000. Bitcoin is struggling to hold onto that price as European stocks tumbled at the start of the week. Also, the euro reached its lowest price in 20 years, settling at $0.98.

Meanwhile, the Ministry of Finance and the Bank of Russia have rethought their approach to cryptocurrencies. They believe that soon they could legalize cross-border payments with crypto. This change of mind was recently stated by the Deputy Minister of Finance, Alexei Moiseev, in an interview in a local media.


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Author

Working to make a decentralized world. Philologist and psychology student. I have been writing about cryptocurrencies since 2017. Literature, coffee, and cryptos.

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