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Launched on September 29, 2017, the first version of Cardano has given way to several updates over time. From Byron to Basho or Voltaire, each of these eras has had an impact on the functioning of the blockchain dear to Charles Hoskinson. Recently, the Vasil fork also made headlines. Particularly active in recent weeks, the Cardano blockchain has seen the price of its token, ADA, get bogged down below $ 0,50. Looking forward to better days, this anniversary has a bitter taste for the Cardano community.
Vasil was successfully launched!
Vasil's fork was successfully distributed last week. For transaction processing, it makes significant improvements. In fact, blocks can now be passed without full validation, which allows for faster block creation. According to Tim Harrison, who works with Cardano, the update improved the speed of transactions by about 20 seconds. Remarkable.
Cardano's next step will be to develop its level 2 ladder solution. Eventually, the Hydra protocol should be able to handle transactions outside the blockchain. It should also be used as a security and settlement layer for the Cardano blockchain. The launch is scheduled for the end of 2022 or the first quarter of 2023. As with Ethereum, the fork is therefore a step towards further updates.
Over 50 million transactions processed!
For the blockchain, crossing the 50 million transaction milestone was a symbolic milestone, but an important one nonetheless. Proof, if ever needed, of its effectiveness. At the time of writing, the Cardano blockchain has already processed 50.788.912 transactions, as illustrated by the Cardanoscan.io platform.
It is very interesting to note that this number is growing exponentially. As of June this year, the transaction volume reached 42 million. Over the span of a quarter, the blockchain thus validated around 20% of the global transaction volume. At this rate, the 100 million transaction milestone could be reached by the end of 2023 or early 2024. That is, around the same time as Bitcoin's next halving.
If the volume of transactions is increasing, the development activity is also growing significantly. As shown by the data of the Santiment platform. On the other hand, institutional investors seem to be increasingly interested in the potential of the Cardano blockchain and its ADA token. Among the most recent examples is SwissBorg, a Swiss cryptocurrency management company that now offers the ADA token. A decision that the company motivates with the vote of its community:
We are pleased to announce the long awaited listing of Cardano $ ADA.
Impact on ADA's share price?
Despite the wave of good news, Cardano's fifth birthday candle remains bland. The impact on the ADA token remains relatively limited, if not non-existent. In recent weeks, the asset has failed to break out of the psychological resistance of $ 0,50.
Last August, launched in the euphoria of The Merge, the token had even managed to overcome the quotation of $ 0,60, but it didn't last long. Since then, the FED has come and gone and the cryptocurrency market has collapsed again. At the time of writing, the ADA token is trading at $ 0,433.
