Cardano Prepares For Major Update, Will It Be Enough To Push Bears Back?

The Cardano network is preparing for its upcoming Hard Fork Combinator (HFC) event “Vasil”. The cryptocurrency has been undergoing several updates and optimizations but continues to follow the general market sentiment. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree In fact, Cardano (ADA) price has been trending downside since the end of 2021 when it broke below $2 and has continued in that direction as larger cryptocurrencies re-test critical support levels. At the time of writing, ADA’s price trades at $0.80 with a 5% loss in the last 24-hours and a 6% loss in the past 7-days. The cryptocurrency has been moving down in terms of market cap after becoming one of the top 5 in these terms, but there are indicators pointing to potential bullishness. Per a post from Cardano developer Input Output Global (IOG), they are focused on preparing the network’s node and consensus for the upcoming HFC “Vasil”. Expected in June 2022, this update will upgrade the mainnet “performance properties”. “Vasil” is mainly aimed at making Cardano more efficient when processing decentralized applications (dApps) transactions. Thus, smart contract users on the network will benefit from a better experience. The network introduced its smart contract capabilities back in 2021 with a series of Hard Fork Combinator events (HFC) which ended with the “Alonzo” upgrade. Since that time, the Cardano ecosystem has seen an importa...