Cardano postpones launch of Vasil hard fork to late July

By Raffaele Redi
• Updated

Cardano (ADA) news as it happened

Close-up of a Cardano (ADA) token                                 
Cardano is a proof-of-stake blockchain platform that was founded in 2017 – Photo: Shutterstock
                                

Contents

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Lead Cardano developer Input Output (IOHK) has announced that the launch of the Vasil hard fork has been postponed to late July, saying the network had managed to complete only 95% of the preparatory tests to implement the upgrade.

“We are pretty close to the target,” said Cardano co-founder Charles Hoskinson.

“Additional work has been done after the Terra Luna collapse as I gave directions to engineers to measure capabilities three times,” he added, saying the delay is “disappointing, but acceptable”.

The Vasil upgrade is considered to be the most complex programme of development and integration on Cardano. “This upgrade is not for common users but for developers. It is the most complex release in the history of Cardano,” said Hoskinson.

Input Output said the final decision to hard fork the Cardano Testnet would be made in consultation with members of the Stake Pool Operation (SPO) and dApp development community.

According to CoinMarketCap, Cardano (ADA) was changing hands at $0.501 at the time of writing, up by 0.7% over the past 24 hours. ADA’s market cap was $16.8m, while ADA’s trading volume sat at $956.6m, down by 18% over the past 24 hours.

All prices correct as of 14:30 BST (UTC+1).

10 June 2022: ADA founder: Cardano hard-fork may be delayed by UST crash 

The founder of Cardano (ADA), Charles Hoskinson, revealed that the Terra ecosystem collapse forced Cardano developers to exercise an "abundance of caution" in plans for the Vasil upgrade, which is expected to be completed by the end of June.

Hoskinson said: “Our engineers are deep in the weeds right now and working real hard on Vasil. A massive amount to do, a huge amount of testing to do.

“After the collapse of LUNA, we decided to add an additional test harness to what we’re doing and think really carefully about some things. It’s taking a bit more time but we figured that the abundance of caution is well rewarded these days,”he added.

Hoskinson also talked about the crypto bill recently introduced by two US key Senators, saying that Cardano will not be affected by compliance issues if the measure passes.

Meanwhile, some profit-taking is hitting Cardano, with ADA being the only major crypto to witness a week of gains. According to CoinMarketCap, ADA was changing hands at $0.6224 down 4.3% over the past 24 hours, but around 6% up over the previous seven days.

ADA’s market capitalisation was $21.1bn, while trading volume was, at around $902m, down 40% over the previous 24 hours.

Values are correct as of 9:30 BST (UTC+1).

6 June 2022: ADA up 17% as Cardano becomes the third largest blockchain for NFTs

ADA recorded a more than 17% increase to $0.6237 as the Cardano blockchain became the third largest NFT platform by trading volume.

Despite a 15% decline in the volume of NFTs traded on Cardano over the past 30 days – to ADA 51m, or $31.6m at the current rate, according to OpenCnft data – the blockchain became the third largest in the NFT space by sales volume, after Ethereum and Solana.

Cardano overtook the Flow blockchain, which reported sales amounting to $16m after a 51% drop over the last 30 days.

As CryptoSlam data showed, over the same period, sales of NFTs on Vitalik Buterin’s chain dropped by 68% to $1.3bn, while Solana witnessed a 37% fall to around $200m.

According to CoinMarketCap, Cardano (ADA) was changing hands at $0.6175 at the time of writing, up by 10.5% over the past 24 hours. ADA’s market cap was $21bn, while trading volume was at $1.1bn.

All prices correct as of 15:00 BST (UTC+1).

31 May 2022: ADA up 25% as Cardano reaches 5 million NFTs minted

Cardano (ADA) is trading up by 25% over the past 24 hours as the network reached the landmark of five million NFTs minted.

The blockchain showed a significant acceleration in NFTs adoption as NFTs minted on Cardano amounted to three million in January 2022 and only one million at the end of November 2021.

In particular, according to Pool.pm data, at the time of writing, Cardano generated more than five million tokens with 54,893 minting policies.

According to CoinMarketCap, on the crypto market ADA, Cardano’s native token, is trading at $0.6495, higher by 25% over the past 24 hours.

Over the same period, ADA also witnessed high volumes, with a more than  250% increase to 2.3bn. ADA's market cap was $21.9bn.

Values are correct as of 09:00 BST (UTC+1).

25 May 2022: Institutional investors bet on Cardano amid crypto downturn 

Institutional investors have turned to altcoins such as Cardano (ADA) and Polkadot (DOT) amid the crypto downturn prompted by the crash of the TerraUSD (UST) stablecoin, according to a CoinShares report.

The latest Digital Asset Fund Flows Weekly Report says that Bitcoin (BTC) witnessed a weekly swing from inflows to outflows totalling $154m last week.

On the other side of the coin, “minor inflows were seen across a broad selection of altcoins, most notable Cardano and Polkadot, with inflows totalling $1m each”.

According to the report, in the last week, digital asset investment products saw outflows totalling $141m, while total assets under management  were at $38bn, “their lowest point since July 2021”.

CoinShares analysts said: “The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish.” 

CoinMarketCap showed Cardano (ADA) was changing hands at $0.5164 down by 0.6% over the past 24 hours. ADA’s market cap was $17.4bn while trading volume was at $695.9m down 8.8% over the last 24 hours.

Values are correct as of 08:30 BST (UTC+1).

16 May 2022: Cardano founder responds to allegations: nothing to hide

Cardano (ADA) was avoiding the selling that has dominated the cryptocurrency market on Monday 16 May 2022 after ADA founder Charles Hoskinson said Cardano has “nothing to hide” in response to allegations the network could be an “obfuscated scam”.

“I know we can just say anything we want, but why is Cardano ADA an obfuscated scam according to this guy?” asked Twitter user $nyakeh, VETS Pool Operator about a video clip featuring Cory Klippsten, the founder and CEO of Swan Bitcoin, a start-up helping to buy BTCs with fiat currencies.

In response, Klippsten tweeted: “Lol. Cardano ppl REALLY don’t want someone to dig in. They really don’t.”

All of which led Hoskinson to tweet: “Welcome as much digging as possible. There isn't anything to hide. Just years of progress, building, and a massive community. Keep making public defamatory statements before a vast audience that are admissible.”

At the time of writing, Cardano (ADA) is changing hands at $0.5525 up 0.5% over the past 24 hours, but down 17% down over the past seven days, according to CoinMarketCap. The ADA market cap was at $18.8bn while the 24-hour trading volume was $1.3bn.

10 May 2022 ADA investors in the red as turmoil hits market

Investors are starting to operate at a loss as a sell-off mood is hitting the cryptocurrency market, triggered by the turmoil over the depegging of the UST stablecoin.

While bitcoin (BTC) traders still have a slight profit margin, Cardano investors, both long- and short-term, are currently operating in the red.

Following the recent wave of sell-offs, Cardano (ADA) saw its market-value-to-realised-value (MVRV) ratio dropping to minus 3.5% over the last 30 days, according to Santiment data, with negative MVRV indicators meaning that traders are operating at a loss.

The situation gets worse for long-term investors, with the MVRV ratio standing, at the time of writing, at minus 26.1%, per Santiment data.

On the other hand, bitcoin (BTC) investors can still rely on a tiny 1% MVRV profit margin, according to Blockchain.com data.

At the time of writing, ADA was changing hands at $0.6793, up by 2.3% over the last 24 hours. ADA’s market cap was at $22.9bn, while trading volume had increased by around 81% to $2.9bn in the past 24 hours.

27 April 2022: Cardano increases block size by 10% to speed up the network

Cardano has increased its mainnet block size by 8K to 88KB following a recent increase in transaction volumes on the network.

Developer Input Output said the 10% growth in block size would help the network improve data throughput and scalability to enhance the execution of decentralised finance (DeFi) smart contracts.

“The 10% increase represents a significant network enhancement, which will help continue to increase throughput and DApp performance. It is the latest in a series of planned network optimisations we’re making to continue scaling Cardano throughout 2022,” explained Input Output.

However, as block size expansions may affect transaction times and network capacity, the developer added it would closely monitor the mainnet performance and behaviour in the next few days following the announcment on 25 April 2022.

Despite some gains after the announcement, as of 27 April Cardano (ADA) was down 4.4% in the last 24 hours and down by 11.2% over the past seven days, in line with other leading cryptos, according to CoinmarketCap. It was changing hands at $0.8469 and had a market cap of $28.5bn and a trading volume of $1bn – 23% higher over the past 24 hours.

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