Cardano (ADA-USD) investors everywhere, mark your calendars. Sept. 22 will be a monumental day as the network’s Vasil hard fork upgrade gets under way. Also, ADA usage is running hot as the transaction count just reached a significant milestone. Granted, Cardano’s founder published a warning about cryptocurrency in general. This, however, doesn’t mean that every crypto coin is in trouble.
Going back a few years, Cardano was founded in 2015 by Charles Hoskinson and launched in 2017 as a tradable token. Sometimes it’s characterized as a “by the people, for the people” type of currency.
It’s a token and a network that’s growing by leaps and bounds. Last year, cryptocurrency aficionados celebrated the milestone of 2 million ADA wallets. Now, they can celebrate a new milestone moment, along with a crucial upgrade that could prove to be a game-changer on the blockchain.
What’s Happening With Cardano?
The 24/7 cryptocurrency market never sleeps, but the price action of Cardano has been pretty sleepy lately. Frustratingly, the ADA price just can’t seem to get above 50 cents and stay there for the long term.
Hoskinson doesn’t seem to be overly concerned about Cardano, though he did offer a warning about cryptocurrency generally. He tweeted:
“A universal truth about crypto is that the . Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out.”
He’s referring, of course, to September’s weakness in ADA prices. Still, Hoskinson’s “macro factors” comment suggests there may be a pot of gold (or perhaps, a wallet full of Cardano) at the end of the rainbow.
Bolstering Hoskinson’s bullish bias is the fact that the Cardano network just reached the astonishing 50 million transaction milestone. Not long ago, the network processed over 50,000 ADA transactions per day, if you can believe it.
Get Ready for the Cardano’s Network’s Big Upgrade
If any event will vindicate Hoskinson’s frustrated optimism, though, it will be Sept. 22’s Vasil hard fork upgrade. Research and development firm Input Output made the official announcement, and the crypto community is buzzing about this upcoming event.
Rather than get tongue-tied with tech talk, I’ll let the fine folks at Input Output provide their input:
“#Vasil is the most significant #Cardano upgrade to date, bringing . The upgrade will also bring enhancements to #Plutus to enable devs to create more powerful and efficient #blockchain-based applications.”
A hard fork is basically just a type of blockchain protocol update, and Vasil should conceivably make the Cardano blockchain more scalable and cost-efficient. Feel free to go here for Input Output’s output if you’re hungry for more details, and if you can decipher some of the arcane geek-speak.
Consider Holding Cardano as the Buzz Builds
So, should you fork over some investable capital in anticipation of the hard fork? Will Vasil be a vessel of crypto-market disruption?
There are more questions than answers here, but there’s enough positive sentiment surrounding the Cardano upgrade event to potentially push the ADA price higher. As for Hoskinson’s warning about crypto-price dislocations, hopefully the market’s weighing machine will kick in soon, even if crypto assets are hard to weigh and even harder to hold sometimes.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
