In the middle of a bear market, Cardano (ADA) is on high alert

The Cardano network holds a contradictory position among the giants of the blockchain ecosystem. Although its cryptocurrency, ADA, remains highly capitalized, its network is struggling to grow. However, its creator Charles Hoskinson and his community have always been confident in the future of the network. Difficulties should already be resolved through upcoming updates. Among these, Vasil’s update is highly anticipated, but has also been delayed several times. Arrival on testnet July 03 should be the occasion for a fresh start for the ecosystem.

  • Tough start for the Cardano ecosystem
  • The much awaited Vasil update has arrived
  • Cardano’s next steps

Difficult start for this outsider in Ethereum

The launch of the .. the launch of the .. the take off of the smart contracts On the Cardano network in September 2021 was set to be the start of a new era. Charles Hoskinson’s creation must have already joined the other major DeFi and NFT ecosystems. However, this unfortunately did not go as planned. BNB Chain, Solana, or Avalanche did not have to worry about this competitor. Very slow transaction, hard-to-reach language for developers…. These difficulties slowed the release of the first apps and it took until December to see the DEX and NFT markets arrive.

This timing was not in favor of the network, as the cryptocurrency market began to crash at the same time. Since then, the ecosystem has gradually developed so that Milkomeda solution has introduced a side chain With EVM in order to have interoperability. However, the mainnet is still very slow and critics continue to battle it out against the blockchain. The slowdown in the market discourages anyone from slackening and looking at what has already been built. Still, only Cardano fans are waiting for something.

Vasil, the long-awaited update of the Cardano blockchain

However, the Input Output Hong Kong (IOHK) team, which is behind the network’s development, remains confident in Cardano’s future and has been preparing to update Vasil for a long time. Named in honor of late team member Vasil St Dabov, this update will improve network scalability by pipe and improved scripting performance to facilitate developers’ jobs. The update was supposed to take place in May, but the discovery of 7 bugs again delayed its launch. Announcing the passage testnet So July 3rd is a huge relief to the team.

However, the latter asserts that “it is the most complex program of work that we have completed”. The Difficult So it will be done very carefully to ensure maximum security. The update will take 4 weeks to prove itself on testnet. If the network is working fine and if the applications are easily adapted to a file fork It can then be posted on Currently. It is hoped to achieve Difficult Be a boost to the ADA course. After ATH at about $3, this Cryptocurrency Its price has already fallen to $0.44 today. Even if it remains among the largest of the capitals, its place is more uncertain than before.

Will the Cardano ecosystem be able to establish itself in the crypto market?

Once in Difficult After completion, the network will be able to resume its development. Development of more than 400 applications begins after this update. So Cardano will be able to become a rich ecosystem in the coming months. However, it will take several more network updates for it to be fully functional. Indeed, Charles Hoskinson considers that only in Basho’s era will scalability and interoperability be as he envisioned it when he created Cardano. In this new era, the network will be supplemented with side chains Which will offload some transactions from the main network which will allow experimentation with other virtual machines in order to get interoperability. It is hoped that these developments will allow the development of promising projects, because at the moment, no Cardano application has been able to establish itself outside the network’s followers.

Cardano is often criticized for being slow or lacking in an ecosystem, and is on the cusp of experiencing one of his greatest transformations. After months of waiting, Vasil update will arrive in a few days on testnet. Without it being a final solution, it would terminate far too many applications waiting to be published. Whether it’s in gaming, metaverses and DeFi, it’s time for Cardano to show his ability. Indeed, if no project succeeds in positioning itself on the level of the largest of Solana or Ethereum projects, then we should expect a further decline in the price of ADA. Charles Hoskinson’s baby at a crossroads. He will no longer be forgiven for many new delays or new obstacles.

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