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Cardano adds $2 billion to its market cap in a week as Vasil hard fork date confirmed

Cardano adds $2 billion to its market cap in a week as Vasil hard fork date confirmed

In preparation for the Cardano (ADAblockchain hard fork upgrade, Vasil, which is slated to go live on the mainnet on September 22, the decentralized finance (DeFi) cryptocurrency has experienced a significant increase in the amount of capital flowing into its market cap over the last week.

In particular, Cardano has seen over $2.1 billion enter its market capitalization over the last seven days as it went from $14.6 billion on August 29 to $16.7 billion on September 5, according to data retrieved by Finbold using CoinMarketCap.

Cardano 7-day market cap chart. Source: CoinMarketCap

Currently, Cardano is trading at $0.48, down 1.% on the day but up in double digits across the week by as much as 13%. Regarding the Cardano price action, crypto trading expert Michaël van de Poppe believes ‘Cardano looks ready for continuation’ ahead of the upgrade.

Cardano price chart. Source: Michaël van de Poppe

The Vasil hard fork

Notably, ADA’s market worth was roughly around $15 billion area until Cardano developer and operator Input Output Global (IOG) announced on Twitter on September 2 that the Vasil upgrade date is confirmed. 

Input Output posted on its Twitter thread:

“Vasil is the most significant Cardano upgrade to date, bringing increased network capacity and lower cost transactions.”

According to IOG, the update will include improvements to Plutus, Cardano’s smart contract platform. These changes will make it possible for developers to design blockchain-based apps that are more powerful and efficient. 

The update has been delayed many times, with the reasons being cited as software issues and testing. Charles Hoskinson, the founder of Cardano, noted the Vasil upgrade is not for the ‘average Cardano user’ and ‘the stakes have never really been higher in that respect.’

Interesting, the founder had also stated previously that he is ‘tired of taking the blame’ for delays despite the network being decentralized. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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