Cardano is progressing slowly through most of the phases of building its network. The Basho phase, the fourth of five phases of Cardano’s development plans, is progressing.
The first three phases were Goguen, Byron and Shelley, which provide smart contracts, foundations and decentralization, respectively. Finally, Vasil, Basho’s primary feature, has been launched on Cardano’s testnet with a focus on scalability.
In recent news, the Cardano network has completed the Vasil hard fork on its testnet. This latest successful move prepares the network for the upcoming upgrade to the mainnet. Tech firm Input-Output Global (IOG), which handled the project, made the announcement on July 3.
With the progressive movement, the network is expected to experience greater scalability and excellent performance for all transactions. Also, the tech company is inviting project developers, stake pool operators and exchanges to run tests on the testnet.
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They could start their own projects to test the features of Vasil. This will enable the team to maintain all required assessments in a timely manner and to accommodate the final upgrades on the mainnet.
The IOG team had planned the Vasil upgrade on the Cardano mainnet on June 29. But later it postponed the date of the event. The team explained that more time is needed to fix all existing harmful bugs.
According to the IOG statement, the network’s community is taken along in the project through its proposal. However, the eventual launch of the upgrade on the Cardano mainnet will require certain readiness from the community. The tech firm estimated a month to launch.
Cardano price reacts despite Vasil upgrade
Launching Vasil on the mainnet is expected to introduce several scalability features to the network. These include enhanced transaction efficiency and performance and increased block creation speed or throughput. In addition, the upgrade will enable interoperability of the network with multiple blockchains and networks. Also, there will be a reduction in the overall network cost for all users.
Cardano has gone through several stages of development. Smart contract integration stands as its last major development phase. This was followed closely by decentralized applications as well as the DeFi protocol.
Cardano is progressing slowly with a lot of activity from the development of several projects within the ecosystem.
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The Vasil upgrade is a great development project on the Cardano network. However, the news of its launch has not made any significant impact on native token ADA. The coin is worth approximately $0.44 as of press time. This shows a drop of around 0.4% within the last 24 hours.
Data from DeFi Lama showed that Cardano has a total locked value (TVL) of $115.85 million. The most significant contributor is Wingriders, a DeFi exchange that holds up to $49.7 million.
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