Categories: Crypto NewsNews

ADA’s performance relatively positive after a bearish Q2

Published by
Nonhlanhla P Dube

The Cardano [ADA] community has been anticipating the Vasil upgrade for several months. More so since it is expected to help the native token, ADA, achieve new heights.

Cardano’s long-awaited Vasil update, which promises to improve network scalability and performance, has “completed” the testnet. It is planned to be available on the mainnet within a month. This development would also bring new features to the table.

According to the CTO of dcspark, it was previously impossible to port a large number of ERC20 tokens onto the network due to the blockchain’s lack of functionality. However, this will change with the Vasil update. Cardano would enable users to use and create a new class of tokens, including noncustodials, stablecoins, and stateful tokens.

Furthermore, Cardalonia, a Cardano blockchain metaverse, announced its seamless launch just hours after the testnet, adding that the hard fork is now “inevitable.”

Needless to say, these developments at the end of June and the beginning of July aided the network and the token in registering some gains. On the pricing front, ADA saw a 5% increase as the token traded around the R7.50 mark. Meanwhile, network development activity has seen an unparalleled increase. 

The development activity can be used to assess a project’s dedication to producing a working product while constantly polishing and improving its features.  investors/traders have returned to the network following significant enhancements. According to on-chain data, the number of transactions on the blockchain increased by 33.3 % by the end of the month after decreasing throughout June.

Large relief bounce

Various analysts have reiterated bullish possibilities for the network. Pentoshi, a pseudonymous trader, predicted that Cardano would experience some crazy volatility (ADA). This suggests that, following a steep and prolonged slump, Cardano [ADA] is expected to have a significant relief bounce. The question now is whether the token can maintain its current ascent and surpass the R16.66 mark.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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