Cardano: Vasil coming soon will ADA holders need to worry?
The bloodbath goes well and is indeed under threat. The major crypto assets today are in free fall in the market and FUD plays an important role. Amid the heat, Cardano is set to kick off the Vasil Fork on September 22. But how is Cardano looking to tackle these disgusting market conditions? Simply go the Cardano way!
Keeping developers active
The Cardano Foundation and the Input Output team have published an update on the latest developments in the Cardano network. The update comes just days before the Vasil Fork mainnet rollout. These new enhancements will improve Cardano's functionality, performance, and scalability for network users.
With Vasil coming soon, the Cardano pre-production ecosystem will fork on September 19. The new node v.1.35.3 currently generates over 95% of SPO blocks, and the main DApp projects are also being updated.
A season of crossroads
Both Ethereum and Cardano are the center of town based on their latest updates. Merge previously went live last week, while Cardano is set to release its own fork this week. Understandably, this has led to a conversation about two developments.
According to the latest newsletter from a Twitter analyst, Cardano allows anyone to run a validator node with no minimum amount of ADA and minimum staking requirement of 10 ADA ($4.78). .
Meanwhile, Ethereum requires a minimum of 32 ETH ($45,904) to start running a validator node, which is a huge amount to start with.
Furthermore, Ethereum is currently much more centralized than Cardano with three entities controlling 51% of the network. However, Cardano proves its credentials as decentralized as it requires 24 such entities to gain control of 51% of the network.
What does the data say?
The latest crypto hack has caused a red light on major assets in the current market. According to CoinMarketCap, at press time, ADA is trading at $0.43 after a 9.75% drop in the past 24 hours.
This dramatic free-fall has lifted ADA's weekly loss to 14% at press time. The price drop is also evident in many on-chain metrics that continue to show holes in ADA trading.
Total daily trade lost is 126.7 million on today's chart (September 19). At the same time, daily losing trades hover around 23 million, further highlighting the carnage in the market.
As always, ADA's MVRV is also deep in the rabbit hole after the most recent drop. At the time of publication, the MVRV rate hovered at -6.5%. Therefore, it means that the traders have lost more than they have gained.
Cardano looks ready for Vasil. But more importantly, we have to ask ourselves if the market is ready for an upgrade.
Sep 19, 2022