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Against the background of the upcoming activation of the Vasil hard fork and an increase in transaction activity in the Cardano network, the quotes of the native token of the ADA blockchain over the past week increased by 13%.
At the beginning of the week, the price of the asset jumped by 28%. At the time of writing, the cryptocurrency has adjusted and is trading near $0.58.
Hourly chart of ADA/USDT of the Binance exchange. Data: TradingView.
On June 2, the non-profit organization Cardano Foundation disclosed the ecosystem indicators for May 2022. The monthly number of transactions in the project network increased by 7.74% to 42.5 million The ADA offer increased by 8.64% to 5.03 million, and the total number of wallets reached 3.36 million.
📊Monthly wrap-up of on-chain data 🚀#Cardano #blockchain #ProjectCatalyst pic.twitter.com/Z49EzDFSaL
— Cardano Foundation (@CardanoStiftung) June 1, 2022
In mid-April, one of the developers of Cardano reported that the activation of the Vasil hard fork is scheduled for June 29, 2022. However, the implementation of the update in the test network will take place at the beginning of the month.
#Cardano is anticipating a new wave of upgrades with the Vasil HFC event on the 29th of June 2022
Upgrades on Plutus- #Cardano’s smart contract platform (CIPs)
are among the most anticipated components of this HFC event
Here’s a breakdown of each one of those upgrades:🧵👇 pic.twitter.com/bmU4U2bRkt
— Sooraj 🚢 (@Soorajksaju2) April 18, 2022
The Vasil hard fork includes four proposals for improving the Cardano network (CIP):
- CIP-31 – Introduces a new type of transaction input that allows you to retrieve output data without a spending operation. This will facilitate access to the information stored on the blockchain.
- CIP-32 – introduces the “embedded data” function, which allows you to store various information in the blockchain;
- CIP-33 — introduces the function of “reference scripts”, which allows you to add a script to the output of the transaction, with which you can later interact through a link. This will reduce the size of transactions and increase network bandwidth;
- CIP-40 – introduces a new type of exit of transactions related to the collateral of on-chain assets.
It is assumed that Vasil will reduce transaction costs in Cardano and increase the security of the network. The update will also make it easier to interact with smart contracts.
Recall that in January, the company behind the development of Cardano IOHK presented a roadmap for the development of the project for 2022.
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