Cardano recently deployed its long-awaited hard fork upgrade, Vasil. The update allows the network to elevate its capabilities while bringing down transaction costs.
Vasil was named after Vasil St. Dabov, a late Bulgarian mathematician. Lending the complex upgrade a name of the Cardano supporter is befitting, seeing how Vasil is Cardano’s most ambitious upgrade till now.
With 1,000 ADA and decentralized projects under its pin, Cardano has a market valuation of 15.4 billion dollars. Its crypto, ADA, is trading around 46 cents, garnering a 5.4% growth in the past 24 hours.
The sophisticated upgrade was scheduled to be released in June but faced some issues. Its postponed date in August also led to a delay, with Adam Dean seeing the upgrade as rushed.
This did not bode well with customers, as ADA dipped 13% after the announcement. Tim Harrison, the VP of ecosystem and community at IOG, addressed these concerns recently. According to Harrison, the upgrade is complete, and the developer team is confident about its functionality.
Despite ADA ranking among the top 10 biggest cryptos, Cardano is quite far from its competitors based on TVL. For a better idea, Ethereum stands at a whopping 30.4 billion dollars in total value locked, while Cardano only boasts 80 million dollars in TVL.
Given TVL’s importance as the metric to gauge a network’s market standing, Cardano must work hard to improve it. The network is losing to BSC and Tron, who possess over 5.2 billion dollars in TVL.
Charles Hoskinson, Cardano’s Founder, talked about this a few days ago. The founder expects the Vasil hard fork to bring a horde of new customers to the network. It will certainly increase its TVL, leading to better market standing.