Altcoin: Crypto analyst Lark Davis discusses two updates that are key to Cardano’s success. As you know, some important upgrades are coming to the altcoin project. According to the analyst, these two upgrades will completely change the Cardano game.
- 1 Two major updates are coming for Cardano
- 2 What is Vasil hard fork and why is it necessary for altcoin?
- 3 Cardano is growing its blockchain
- 4 An alarming statistic for the altcoin!
- 5 Share this:
Two major updates are coming for Cardano
In a recent video, popular crypto YouTuber Lark Davis weighs in on the highly anticipated Vasil Hard Fork. He also comments on the hydra scaling protocol, which will follow shortly. It also explains why these two upgrades are critical to Cardano’s future success.
The long-awaited Vasil upgrade has been delayed in Cardano testing. AmkNews.comAs you follow, this happened a few days ago. Previously, the upgrade was expected in late June. However, the developers detected some bugs that caused a short delay at the 11th hour. Assuming test net is doing well, Vasil could arrive main net in late July or early August.
What is Vasil hard fork and why is it necessary for altcoin?
In essence, Vasil will bring various improvements for Cardano. It will reduce data usage. Thus, it will allow Cardano to be a lighter Blockchain. In addition, it will increase the trading volume. This development is critical to Cardano’s success.
It will also allow applications to solve the so-called one transaction per block issue. This issue hinders application adoption on Cardano Blockchain. It will also make Cardano much more resistant to DDOS attacks. According to experts, it is possible that this upgrade will start a new wave of adoption for Cardano (DeFi, gaming and NFTs).
It makes smart contracts better on Cardano and Blockchain. It also further improves the user experience for regular users. However, once test net is ported to main net, normal users can finally start having fun with it. Lark Davis urged Cardano to hurry as billions of dollars are at stake. So, not doing it right is not an option.
Cardano is growing its blockchain
Lark Davis says the Vasil Hard Fork is just one piece of the puzzle. Hydra scaling upgrade that comes right after Vasil. Hydra allows each stake pool operator to act as a scaling agent. The analyst states that this allows for an incredible 1,000 transactions per second per stake pool. Davis makes the following statement:
Considering that almost 3,200 stake pools are currently operating, this is a bit of a scaling. If the altcoin achieves this, it will become the Blockchain with the highest or least one transaction volume. It’s worth noting, however, that this estimate doesn’t take into account Ethereum layer -2s and all that fun stuff happening on other blockchains.
Still, the hydra upgrade will make Cardano impossibly large. Davis also noted that an upgrade called Mithril is planned for around September 2022. Mithril upgrade will make wallet syncs much faster.
An alarming statistic for the altcoin!
According to Santiment data analytics, Cardano has the highest development activity in the blockchain space in the last 30 days among other networks. However, Santiment also points out that address activity and Cardano sentiment have dropped.
That said, Lark Davis says part of the lack of activity is Cardano’s current state. That’s what this hard fork is trying to fix: making the blockchain and the applications in it more useful. Davis also hopes the upgrade will make DeFi in Cardano more useful and attractive.
Currently, Cardano ranks 28th in DeFi with a total locked value of just over $100 million. This is a low amount for the top 10 cryptocurrencies compared to Solana. Solana has a total value of $2.7 billion locked in DeFi. Also, this is surprising as Solana has a slightly lower market cap than Cardano.
Davis emphasizes again that these updates are critical for Cardano and their arrival will change the game for Cardano. For this reason, the altcoin still has tremendous potential to become an advancing top protocol.
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