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Cardano: Whales Go on Accumulation Spree on Another "Big" Day

Tue, 09/27/2022 - 12:20
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Tomiwabold Olajide
Community is excited about what it deems start of new era for Cardano
Cardano: Whales Go on Accumulation Spree on Another "Big" Day
Cover image via stock.adobe.com

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Today, Sept. 27, is another "big" day for the Cardano blockchain as Plutus V2 is anticipated to go live. The Plutus V2 Cost Model network upgrade is scheduled to take place at epoch 366, or on approximately Sept. 27, at 9:45 p.m. (UTC). 

On Sept. 23, the IOG team successfully submitted the Plutus V2 cost model to the mainnet, which implies that the full Vasil capability would be made available to developers on Sept. 27.

Full Vasil functionality, including support for reference inputs, inline datums, reference scripts, collateral output's and a new Plutus cost model, will be made available to developers on the mainnet, and this marks a significant milestone for the Cardano network.

Ahead of the Vasil event, top crypto exchange Binance already announced it would temporarily suspend deposits and withdrawals of ADA from approximately Sept. 27 at 8:45 p.m. (UTC).

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Cardano’s Big Day Arrives, Whales Grab ADA in Last-Minute Rush

The community is excited about what it deems as the start of a new era for Cardano. Cardano user Lucid tweeted, "We will see the rest of the Vasil improvements upgraded onto the Cardano Mainnet! This is bringing the rest of the upgrades for Plutus 2 along with CIP 31-33! Developers will now be able to build and launch all of their projects, beginning the new era of Cardano DeFi."

Whales are also taking notice as they have been seen accumulating ADA. According to WhaleStats data, ADA is back among the top 10 most purchased assets for the top 100 BSC whales. ADA was changing hands at $0.457, up 2.74% in the last 24 hours.

Vasil hard fork triggered

As reported by U.Today, the Vasil upgrade was triggered on mainnet on Sept. 22. Vasil hopes to enhance Cardano's smart contract capabilities through Plutus V2 scripts and cost models, which add greater efficiency. In the end, it aims to decrease transaction size and script execution costs while also enhancing throughput.

According to IOG, monitoring will continue for at least four epochs after the hard fork, after which a decision about future adjustments will be made based on "regular" network bandwidth.

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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.