on the crypto
Despite the market drop earlier in the week, the Cardano community appears to remain confident. In 3 days, the network will proceed toVasil's hard fork. Although the news was largely overshadowed by The Merge on the Ethereum blockchain, preparations have been underway for months.
Transaction Chaining will further improve the Cardano blockchain!
Among the preparations for Vasil's fork is the implementation of Transaction Chaining. This technique should improve the decentralization of the Cardano network. Transaction chaining aims to sort transactions before they arrive in the chain.
Tom Harrison, senior manager of Input Output, has already praised the eUTXO models as “highly scalable” on the Cardano network. He believes the technology will likely be key to Cardano's short, medium and long-term future.
Is the Cardano blockchain ready for Vasil?
The enthusiasm for this update seems to be there. On the blockchain, the number of tokens in circulation has just hit 6 million. Additionally, the number of addresses holding between 100.000 and 1.000.000 ADA tokens has increased by 2% in the past 3 months. This can be interpreted as a sign of confidence in this new fork.
In any case, even before the blockchain is updated via this fork, Charles Hoskinson, creator of the Cardano blockchain, is satisfied:
It is increasingly evident that the distance between us and others is increasing. We built Cardano to be the financial operating system of the world. We built it to serve as a bank for the non-banked.
Like Vitalik with Ethereum, Hoskinson doesn't see this fork as an end point, but rather as a milestone.
Business is booming, ADA's price is not
The Cardano blockchain recently passed the symbolic threshold of 50 million transactions. Almost one million transactions have been made in the last 15 days, as confirmed by data from the Cardanoscan platform. A substantial increase that many attribute to the arrival of the fork.
Social activity has also increased dramatically on the Cardano blockchain in the past few days. As shown in the following graph, taken from the Santiment analysis platform.
This chart, which brings together the price of the ADA token and its social domain, tends to show an explosion in the last few days. Since The Merge went live, the focus has been much more on the Cardano fork. If we look at LunarCrush's research data, the ADA token tops the list of most frequent searches. At the same time, Social Dominance on Ethereum is in free fall since the fork. Once again the hype of these blockchain updates is justified.
While the business is booming, ADA's price does not stand out from the market. In the past 24 hours, in a widely bear market, the token has just dropped over 10% of its value. Focusing on the last 7 days, the Coinmarketcap platform identifies a decline roughly similar to that of Bitcoin over the same period.
On a 30-day scale, however, Cardano appears to have outperformed the market. While Ethereum and Bitcoin fell 20% and 13% respectively, Cardano only fell 5%. Is this further proof that the market has once again bought the rumors to sell the news? The definitive answers could come from this fork next Thursday.
