Input Output tweeted an update on June 7 regarding the up-and-coming Vasil hard fork. The Cardano devs confirmed all is on track for its scheduled rollout on June 29.
#Vasil HF update📢
🏃We’re now into the final mile as we head towards the #Vasil upgrade and HFC event. Work is proceeding well and our operational focus remains on delivering the H/F by the most efficient route BUT MOST IMPORTANTLY to the right quality. #Cardano
1/n 🧵— Input Output (@InputOutputHK) June 7, 2022
ADA swung 13% to the upside on the news to close the day at $0.60. Upward momentum continues into Wednesday with a 9% gain to touch the 50-day moving average line.
In a classic buy the rumor, sell the news move, analysts widely expect the Vasil upgrade to catalyze further price increases as the event draws closer.
Last month, @Cardians_ posted a chart showing ADA price action with past hard fork events marked. Each of the previous hard forks saw a run-up in price followed by a decline. The exception here is the Mary hard fork, in which the ADA price continued climbing for several weeks after the event.
The Alonzo hard fork is characterized by a protracted drawdown post-release, albeit amid a broader market downturn over this period.
The question is, can Vasil rekindle previous price form?
What is Vasil?
The Vasil upgrade falls into the Basho scaling era of Cardano’s development. This era focuses on network optimization to improve performance in readiness for growth and mass adoption.
Specifically, Vasil will speed up the main chain through a technology called diffusion pipelining, which increases block size and the efficiency of block propagation. The net effect is higher throughput achieved with minor changes to the underlying protocol.
“It promises to substantially increase throughput while being achievable by minimally invasive changes to the system, and is thus an excellent candidate for implementation in the short term.”
The upgrade also includes the implementation of several Cardano Improvement Proposals (CIPs), including CIP-31 to introduce a new reference input to improve data storage and access, CIP-32 to reorganize the way datums are attached for greater simplicity, and CIP-33 to reduce the size of scripts which will decrease computational draw.
Cardano devs give Vasil update
Detailing the “moving parts” of the Vasil upgrade, Input Output mentioned that ancillary components such as the API systems also require updating in a coordinated manner.
“As well as the core node, multiple components also need to be upgraded, covering everything from DB-Sync to 3rd-party APIs like Blockfrost.“
A new Vasil node release has been delivered with several unspecified issues discovered during testing, and developers are currently working on resolving them.
Ecosystem partners have access to a dedicated developer testnet to test the new node release further and fine-tune their processes.
Friday marks the next critical point in the upgrade process, with the team scheduled to meet and discuss whether they “are in the right position” to action the hard fork. More updates are to follow.
Credit: Source link
