Over the past seven days, the cryptocurrency Cardano has appreciated by 17.3% against the US dollar as the community anticipates the upcoming Vasil hard fork, an upgrade aimed at improving the network’s throughput and the Improve smart contract capabilities. Additionally, according to a survey of 24,468 crypto enthusiasts, Cardano is predicted to hit $1 by the end of this month.

Cardano’s slow and steady development seems to be paying off

The Cardano (ADA) digital currency has performed much better than most digital currencies in terms of market gains. For example, while Bitcoin (BTC) is up 6.5% in value over the past week, ADA is up 17.3% in value. Cardano’s rise follows the recent fallout of Terra LUNA and UST, and the digital currency has managed to take the sixth spot in today’s top crypto market caps.

ADA had a 24-hour price range of about $0.599 to $0.657 per unit, and as of Wednesday, ADA trading volume was $1.66 billion worldwide. Cardano was one of the best smart contract tokens that was able to avoid a decent chunk of the market carnage stemming from the Terra blockchain fiasco. The CEO of Input-Output Global (IOG) and inventor of Cardano, Charles Hoskinson seems to be sticking to the well-known saying: “Slow and steady wins the race”.

Hoskinson and ADA have been criticized for being too slow on certain features like smart contracts and decentralized finance (defi) applications. In an interview with Coindesk author Sage D. Young, Hoskinson emphasized that if blockchain projects progress too quickly, money can be lost just as quickly. The IOG CEO said:

If you act too fast, like we saw with Luna, and we saw $10.5 billion worth of hacks last year, you could actually make it work until it stops, and then when it doesn’t, it doesn’t works, it’s a disaster failure and everyone loses their money.

Hoskinson’s ADA was mocked by Terraform Labs co-founder Do Kwon on April 8 when Kwon explained that the Luna Foundation Guard (LFG) had purchased a sum of AVAX. In the Twitter thread, Kwon said: “We may buy ADA because of negative correlation.” Amid the May 10 episodes of LUNA and UST, Hoskinson quoted Kwon’s tweet and noticed:

Should I buy some Luna for negative correlation?

Cardano’s Vasil upgrade and $1 price predictions

Cardano is also facing a major upgrade called the Vasil Hard Fork, which will add four Cardano Improvement Proposals (CIPs) into the mix. CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Data), CIP-33 (Reference Scripts), and CIP-40 (Security Outputs). CIP-31 in particular is said to significantly reduce Cardano’s transaction costs.

“Reference scripts reduce your transaction costs,” according to the Cardano development team detailed in the first week of May. “Currently, new scripts have to be integrated into every transaction. Reference scripts allow you to interact with the script through a reference and push it into the chain. Interaction with a smart contract becomes minimal.”

Cardano’s hard fork upgrade is expected to be implemented this month, and backers believe this has buoyed the price lately. Additionally, according to a survey by coinmarketcap.com (CMC) “Price Estimation” tool, 24,468 crypto enthusiasts believe ADA could unlock $1.06 per unit by the end of June. 15,940 voters using CMC’s forecasting tool believe ADA will be priced at $0.972 per unit by the end of July.

tags in this story

$1 ADA, ada, Cardano, Cardano Improvement Proposals, Charles Hoskinson, CIPs, CMC, CMC Forecast, Crypto Assets, do kwon, LUNA, Smart Contracts, Terra, Terraform Labs, Throughput, Transaction Costs, UST, Vasil Hard Fork

What are your thoughts on Cardano’s recent gains and the upcoming Vasil hard fork? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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