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Cardano (ADA) Price Reacts to Positive News on Impending Network Releases

Sat, 08/13/2022 - 12:13
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Tomiwabold Olajide
ADA gained nearly 10% after news of significant milestone
Cardano (ADA) Price Reacts to Positive News on Impending Network Releases
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Cardano's ADA nudged higher to reach a high of $0.568 on August 13 as IOG gave a positive recap regarding the progress of work done on the Vasil hard fork. Taken from the prior day's lows of $0.52, ADA has gained nearly 10% after the news of a significant milestone reached on Vasil testing surfaced. At the time of publication, ADA was up 6% at $0.55.

According to IOG, the Vasil upgrade remains the most ambitious program of work it has undertaken, so safety and security are its top priorities when managing the upgrade.

In keeping with this, it states that a new node version — 1.35.3 — has been released for use on the Vasil devnet and the new preproduction environment. It says that if there aren't any major new problems, the new node might be the one with which the Vasil upgrade on the mainnet will be triggered.

Additionally, the new preproduction environment has been created to give exchanges and SPOs a "clean" and more agile environment to test against 1.35.3 to begin their final testing and integration processes.

It provides three critical mass indicators that will help decide when the Vasil mainnet upgrade may be triggered in a series of tweets: First, the final Vasil node candidate must have created 75% of the mainnet blocks. Also, key Cardano mainnet dApps (including the top ten by TVL) must indicate they have upgraded to 1.35.3 in the preproduction environment, and the mainnet follows after about 25 exchanges have upgraded.

New Daedalus wallet testnet release on way

In its weekly report, IOG reports ongoing work by the Daedalus team in preparation for the upcoming testnet release of Daedalus v.4.12.1. The Daedalus wallet is a full-node desktop wallet for the ADA currency.

IOG also shared the latest statistics on the Cardano network in its weekly development report. Currently, 1,065 projects are building on Cardano, while 93 projects have recently been launched on Cardano. Cardano native tokens stand at 5.7 million, while Plutus scripts are now at 3,057. The number of Github commits was also at 2,692.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.