In the middle of the bear market, Cardano (ADA) is shifting into high gear

In the middle of the bear market, Cardano (ADA) is shifting into high gear

The Cardano network has a paradoxical place among the giants of the blockchain ecosystem. Even though its cryptocurrency, ADA, is still highly capitalized, its network is struggling to grow. Nevertheless, its creator Charles Hoskinson and his community have always been confident in the future of the network. The difficulties should indeed be resolved by the next updates. Among these, the Vasil update is highly anticipated, but has also been delayed several times. His arrival on the testnet July 03 should be the occasion for a new start for the ecosystem.

  • A rocky start for the Cardano ecosystem
  • The long-awaited arrival of the Vasil update
  • The next steps for Cardano

A difficult start for this Ethereum outsider

The launch of smart contracts on the Cardano network in September 2021 was to be the start of a new era. Charles Hoskinson’s creation should indeed have joined the other major DeFi and NFT ecosystems. However, this unfortunately did not go as planned. The BNB Chain, Solana or Avalanche did not have to worry about this competitor. Much too slow transaction, language difficult to access for developers…. These difficulties slowed the release of the first applications and it took until December to see DEXs and NFT marketplaces arrive.

This timing did not favor the network, as at the same time the crypto market began to crash. Since then, the ecosystem has gradually developed and the Milkomeda solution has even introduced a side chain with EVM in order to gain interoperability. However, the mainnet is still very slow and critics continue to level against this blockchain. The sluggishness of the market does not encourage anyone to be indulgent and look at what has already been built. Only Cardano devotees are still waiting for something.

Vasil, the long-awaited update for the Cardano blockchain

The Input Output Hong Kong (IOHK) team, behind the development of the network, however, remains confident in the future of Cardano and has been preparing the Vasil update for a long time. Named in honor of late team member Vasil St Dabov, this update will improve network scalability through pipelining and improve scripting performance to make developers’ jobs easier. The update was supposed to take place in May, but the discovery of 7 bugs has once again delayed its launch. The announcement of the passage on the testnet July 3 is therefore a great relief for the team.

However, the latter asserts that “it is the most complex work program that we have accomplished”. the hardfork will therefore be done with extreme caution to ensure maximum security. The update will take 4 weeks to prove itself on the testnet. If the network works well and if the applications adapt easily to the hardfork, it can then be deployed on the now. It is to be hoped that the realization of the hardfork be a boost for the course of the ADA. After its ATH at almost 3 dollars, this cryptocurrency has indeed its price fall to 0.44 dollar today. Even if it remains among the largest capitalisations, its place is more uncertain than before.

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

Once the hardfork finalized, the network will be able to resume its development. More than 400 apps start developing after this update. Cardano will therefore be able to become a rich ecosystem in the coming months. However, it will take several more updates for the network to be fully operational. In fact, Charles Hoskinson considers that only in the Basho era will scalability and interoperability be as he envisioned when he created Cardano. In this new era, the network will be supplemented by side chains which will offload certain transactions from the mainnet and which will allow experimentation with other virtual machines in order to gain interoperability. It is to be hoped that these novelties will allow the development of promising projects, because for the moment, no application of Cardano has managed to impose itself beyond the followers of the network.

Often criticized for its slowness or the absence of an ecosystem, Cardano is about to experience one of its greatest mutations. After months of waiting, the Vasil update will arrive in a few days on the testnet. Without being a final solution, it will finalize a very large number of applications that are waiting to be deployed. Whether in the realm of gaming, metaverses and DeFi, it’s time for Cardano to show what it’s capable of. Indeed, if no project manages to position itself at the level of the largest Solana or Ethereum projects, we must expect a further fall in the price of the ADA. Charles Hoskinson’s baby is at a crossroads. He will no longer be forgiven for many new delays or new obstacles.

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