Cardano has become a rather well-known name in the crypto-sphere. For those unfamiliar with it, Cardano is an open-source project that focuses on positive change in the world. Its goal is to redistribute power from large central structures, which lack accountability, to individuals. Cardano uses its own digital currency, called ADA, which allows users to participate in the efforts of the blockchain community, even voting on potential software changes.
The cryptocurrency surged today from $ 0,5186 in the early morning to $ 0,6773, according to CoinMarketCap. The price has stabilized slightly, settling at $ 0,6007 at the time of writing. What is the reason for these huge gains?
Cardano Vasil's hard fork
One reason could be the increase in native assets minted on Cardano, with over 5 million assets minted on Cardano. But the main reason for the leap is the news of Vasil's hard fork. A hard fork is a cryptographic term that refers to a modification of the protocols of a blockchain network. Essentially, it splits a single cryptocurrency in two, making it possible to validate blocks and transactions that were previously invalid. In this case, it would greatly increase the scalability and usability of Cardano's blockchain network, thereby increasing its value.
This particular update is believed to offer large performance improvements and grow Cardano's smart contract capabilities, such as network scalability and usability. Specifically, Vasil is intent on including four Cardano Improvement Proposals (CIPs) that are designed to reconsider the logic of how Cardano's Plutus scripts are sent to the blockchain. Together, the CIP updates are intended to reduce transaction fees, improve network throughput and decentralization, and solve the concurrency problem that has so far severely compromised the scalability of apps on Cardano. The release of the Vasil testnet is scheduled for June 2nd, while the mainnet launch is scheduled for June 29th.
Overall, this is a company you want to believe in, as it aims for the public good and to change the global economy for the better. Vasil's hard fork certainly bodes well, as these types of upgrades historically lead to higher token prices, and we see it today with Cardano. This surge allowed Cardano to enter the top 10 of cryptocurrencies.
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