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The Outcome of Cardano’s Vasil Testnet Launch Invites FUDers, How Far Will it Impact the ADA Price Rally?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 6, 2022

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Article Highlights
  • Cardano released the testnet of the Vasil hard fork recently, aiming to improve the network’s scalability and performance

  • After more than 48 hours of the launch, some of the loopholes indicate that it may not address the network’s scaling issue

Cardano after the Alonzo Hark Fork in 2021, rolled out the testnet of the Vasil Hard Fork recently which focuses on overall network scalability and connectivity. The founders are extremely confident in the smart contract, Plutus to be enhanced with the upgrade.

The Cardano blockchain is expected to receive a higher throughput with a strengthened DeFi, DEX and smart contracts. 

As per some experts, the ADA price is expected to have a massive impact from the Mainnet lauch that may elevate the prices significantly. Moreover, the asset is expected to surpass $1 after the launch in the last week of July. While the positive roadmap is been laid for the blockchain and the ADA price, the probability of the impact being negligible emerges.

After a couple of days of the testnet being operative, the FUD of Cardano smart contracts may not be compatible is outspread. 

The user here highlights the loophole of the Vasil Hard fork that if the trader uses a typed validator then it is incompatible with the fork. No doubt the contracts will still run on the Cardano blockchain but the scalability may not have any larger impact. Interestingly, most smart contracts use a typed validator and the user believes the impact to be negligible. 

However, the community quickly jumped-in in favor of the blockchain and advised to wait until the mainnet launch. 

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While some believe, that the developers are fully aware of the issue and hence may modify the code when required. On the other hand, some of them believe changes may not be witnessed immediately after the mainnet but one can expect a slow increase and lessening of congestion. 

Collectively, it is a known fact that, due to the stagnant trend of the ADA price, the asset has invited many criticisms. Moreover, when the prices remain unimpacted after the Alonzo Hard Fork, many within the crypto community were busy denouncing the chain. However, some maximalists still exist who expose the FUD which eases the negative impact on the asset. 

On the whole, the impact of Vasil Hard Fork on ADA price is objective and hence may be achieved slowly yet steadily.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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