The carnage is really going on. Top crypto assets are in free fall in the market today, with FUD playing a crucial role. Amid the heat, Cardano will proceed with the Vasil Fork on September 22nd. But how does Cardano intend to address these off-putting market conditions? Very simply, by going the Cardano way!
Keep the developers going
The Cardano Foundation and the input-output team have released an update for the latest developments on the Cardano network. The update comes just days ahead of the mainnet implementation of Vasil Fork. These new improvements will improve Cardano’s functionality, performance and scalability for network users.
With Vasil launching soon, Cardano’s pre-production ecosystem will be hard forked on September 19th. The new node v.1.35.3 is currently minting over 95% of SPO blocks, with the leading DApp projects also on the way to upgrade.
Together, these new improvements will bring more functionality, performance, and scalability to #Cardano. For more information, see @timbharrison’s blog post https://t.co/MPpsdf9lYq
— Input Output (@InputOutputHK) September 18, 2022
A Season of Forks
Both Ethereum and Cardano have been the talk of the town given their latest upgrades. The former launched the merge last week, while Cardano will launch its own fork this week. Understandably, this has led to a conversation about the two developments.
According to a Twitter-based analyst’s latest newsletter, Cardano allows anyone to run a validator node without requiring a minimum amount of ADA, and the minimum wagering requirement is 10 ADA ($4.78).
Meanwhile, Ethereum requires at least 32 ETH ($45,904) to start running a validator node, which is a large sum to start with.
Additionally, Ethereum is currently far more central than Cardano, with three companies controlling 51% of the network. However, Cardano proves its decentralization credentials as it requires 24 such entities to gain control of 51% of the network.
What does the data say?
The recent crypto attack has resulted in red flashes on key assets in the market today. According to CoinMarketCap, ADA is trading at $0.43 at press time after falling 9.75% over the past 24 hours.
This dramatic free will has pushed ADA’s weekly losses to 14% at press time. The price drop was also reflected in several on-chain metrics that continue to show gaps in ADA trading.
On today’s chart (September 19), daily losing trades totaled 126.7 million. At the same time, daily losing trades hovered below 23 million, further highlighting the carnage in the market.
Invariably, ADA’s MVRV was also deep in the caves after the recent price drop. At press time, the MVRV ratio was -6.5%. So this means that traders have had more losses than gains.
Cardano seems ready for Vasil. But above all, we have to ask if the market is ready for the upgrade.