ADA, the native cryptocurrency of the Cardano blockchain, is up 7% in the past 24 hours, trading at $0.47. The final price jump in Cardano ADA comes when the highly anticipated Vasil hardfork on Cardano goes live.

Cardano’s parent organization Input Output Global (IOG) announced that they have successfully implemented the Vasil upgrade on the Cardano mainnet. The recent launch was very important to the Cardano community, given the delays in recent months. IOG’s announcement read:

We are pleased to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftungsuccessfully forked the Cardano mainnet through an HFC event, bringing new #Vasil characteristics of the chain.

The Vasil hardfork brings significant performance and networking capabilities to the Cardano blockchain. It also offers higher throughput, better developer experience, improved network performance, and lower costs.

The Plutus script upgrades add new capabilities that will be available to developers on the Cardano mainnet on September 27. IOG’s announcement stated:On September 27, at the beginning of the new era, the new Plutus V2 cost model will be active in the chain, giving the complete #Vasil functionality for the developer community”.

Big win for Cardano Community

The crypto community congratulated the Cardano team on a very smooth implementation of the Vasil upgrade. DeFi platform Brilliant return called it “one of the most complex and consistent updates of the #Cardano network ever done”. Bill Barhydt, founder of crypto trading platform Abra, also called it a big win for Cardano developers. He added:

Congratulations to the Cardano ($ADA) team on the Vasil hardfork. More hard work in crypto pays off. Making UTXOs and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done!

What after Vasil Hardfork?

Following the success of the Vasil upgrade, the Cardano team will now focus on building its Layer-2 scalability solution, the Hydra protocol. The Hydra protocol processes transactions from the Cardano blockchain while still using the mainnet as a security and settlement layer. The Kydra protocol will be launched in late 2022 or in the first quarter of 2023.

Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

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