Cardano Foundation treated users by releasing its long-awaited Vasil hard fork. As per the network, the upgrade will lead to an improvement in its network capacity.
At the same time, Vasil will also help Cardano cut down its transaction costs. Besides this, Cardano aims to elevate its smart contract performance with the update.
The network has named the upgrade after its late supporter, Vasil St. Dabov, who was also a Cardano supporter. As the most ambitious Cardano upgrade, Vasil’s functionalities do justice to its name.
Cardani is a well-known name in the market, standing as the fifth-biggest blockchain with a 15 billion+ dollars in market cap. Its native currency, ADA, also ranks among the top ten cryptos in the market.
While the network’s prominence is a given, founder Charles Hoskinson wants to work on Cardano’s TVL performance. Total Value Locked, or TVL, is the most prominent metric to measure a platform’s standing in the DeFi domain.
Despite its amazing performance, Cardano only houses 80 million dollars in TVL. Comparatively, Ethereum boasts more than 30 billion dollars, while names like Tron and BSC also possess more than 5 billion dollars in TVL.
The recent update was due for a long time and was originally planned to be released in June. However, Adam Dean deemed the upgrade rushed, causing its postponement. The development caused the network to lose 13% value in ADA.
Thus, it goes without saying that Cardano was waiting to deploy the hard fork finally. The community has welcomed the update, showing a 1.21% surge in ADA’s market price. As soon as the hard fork is declared stable, the value is expected to go even higher.