Despite the drop in the market at the beginning of the week, it seems that the Cardano community is still confident. In 3 days, the network will proceed with its Vasil hard fork. Although the news was largely overshadowed by The Merge on the Ethereum blockchain, the preparations have been brewing for months.
Transaction Chaining will further improve the Cardano blockchain!
Among the preparations for the Vasil fork, we see the implementation of Transaction Chaining. This technique is intended to improve the decentralization of the Cardano network. For this, transaction chaining aims to order transactions before they arrive on the chain.
Tom Harrison, a senior executive at Input Output already likes it eUTXO models which he describes as “highly scalable” on the Cardano network. According to him, this technology is likely to be decisive for the short, medium and long term future of Cardano.
Cardano blockchain ready for Vasil?
The hype around this update seems to be there. On the blockchain, the number of tokens in circulation has just reached 6 million. Additionally, the number of addresses with 100,000 to 1,000,000 ADA tokens has increased by 2% in the last 3 months. A feature that can also be interpreted as a sign of confidence in this new fork.
Anyway, even before updating the blockchain through this fork, Charles Hoskinson, the creator of the Cardano blockchain congratulates himself:
It is becoming increasingly clear that the distance between us and everyone else is increasing. We built Cardano to be the world’s financial operating system. We built it to bank the unbanked.
Like Vitalik with Ethereum, Hoskinson does not see this fork as an end, but as a step.
Becomes the activity, not the ADA course
The Cardano blockchain recently crossed the symbolic threshold of 50 million transactions. Over the past 15 days, almost a million transactions have been made, as confirmed by data from the Cardanoscan platform. A significant increase that many attribute to the arrival of the fork.
Social activity has also increased dramatically on the Cardano blockchain in recent days. As shown in the following chart, taken from the analytics platform Santiment.
This chart, which compiles the price of the ADA token and its social dominance, tends to show an explosion over the past few days. Because since The Merge came into effect, much more attention has been focused on the Cardano fork. Think about research data from Lunar Crush, the ADA sign is at the top of the most frequent searches. In addition to this, the Social Dominance on Ethereum has collapsed. Once again the author of the “hype” side of these blockchain updates.
If the activity is completed, the ADA course does not stand out from the market. In the last 24 hours, in a mostly bearish market (-7.35%), the token has just given up more than 10% of its value. If we focus on the last 7 days, the platform Coinmarketcap recognizes a fall almost similar to that of Bitcoin over the same period (-15%). On a 30-day scale, however, Cardano appears to have outperformed the market. Because if Ethereum and Bitcoin show respective losses of 20 and 13%, Cardano is only down 5%. New evidence that the market has again bought the rumor to resell the news? This fork may have provided the final answers next Thursday.