During the last seven days, the cryptocurrency cardano has increased in value by 17.3% against the U.S. dollar, as the community anticipates the upcoming Vasil hard fork, an upgrade that aims to improve the network’s throughput and enhance smart contract capabilities. Moreover, according to a poll involving 24,468 crypto enthusiasts, cardano is predicted to reach $1 in value by the end of this month.
Cardano’s slow and steady development seems to be paying off
Cardano (ADA) digital currency has fared much better than most digital currencies in terms of market gains. For example, while bitcoin (BTC) rose 6.5% over the past week, ADA jumped 17.3%. Cardano’s rise comes on the heels of recent spinoffs from Terra LUNA and UST, and the digital currency has managed to grab the sixth position among the current major crypto market caps.
ADA has had a 24-hour price range of around $0.599 to $0.657 per unit and there’s been $1.66 billion in ADA trade volume worldwide on Wednesday. Cardano has been one of the top smart contract tokens that’s been able to dodge a decent amount of the market carnage stemming from the Terra blockchain fiasco. The Input-Output Global (IOG) CEO and inventor of Cardano, Charles Hoskinson, seems to be sticking to the well-known proverb: “slow and steady wins the race.”
Hoskinson and ADA have been criticized for being slow when it comes to specific features such as smart contracts and decentralized finance (defi) applications. Speaking in an interview with Coindesk author Sage D. Young, Hoskinson pointed out that if blockchain projects move too quickly, money can be lost just as quickly. The CEO of IOG said:
If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.
Hoskinson’s ADA was mocked by Terraform Labs co-founder Do Kwon on April 8 when Kwon explained that the Luna Foundation Guard (LFG) had purchased a sum of AVAX. In the Twitter feed, Kwon said: “We can buy ADA for a negative correlation.” Amid the LUNA and UST fallout on May 10, Hoskinson quoted Kwon’s tweet and noticed:
Should I buy some Luna for negative correlation?
Cardano’s Vasil Upgrade and $1 Price Predictions
Cardano is also set to get a major upgrade called the Vasil hard fork, which add four Cardano (CIP) improvement proposals in the mix. CIPs include CIP-31 (reference inputs), CIP-32 (inline data), CIP-33 (reference scripts), and CIP-40 (collateral outputs). CIP-31 in particular is expected to significantly reduce Cardano’s transaction costs.
“Reference scripts reduce your transaction costs,” the Cardano development team detailed during the first week of May. “Currently, new scripts need to be included in each transaction. With reference scripts, you can interact with the script through a reference, pushing it onto the chain. Interaction with a smart contract becomes minimal.”
The Cardano hard fork upgrade is expected to be implemented this month and proponents believe it has bolstered the price lately. Moreover, according to a survey by coinmarketcap.com’s “price estimates” tool (CMC), 24,468 crypto enthusiasts believe that ADA could hit $1.06 per unit by the end of June. 15,940 voters using CMC’s prediction tool believe that by the end of July, ADA will be priced at $0.972 per unit.
