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Cardano Records a Huge Milestone as Whale’s ADA Accumulation Spikes

Cardano Records a Huge Milestone as Whale’s ADA Accumulation Spikes

After much anticipation, Cardano’s long-awaited Vasil hard fork is finally about to activate today.

Profitable Upgrades for the Whales

Apparently, the whales are prepared for the big show. There have been rumors of a mad rush to stockpile ADA tokens. The top 100 BSC whales have shown a strong interest in ADA, with WhaleStats showing that it is in the top 10 most wanted tokens. This occurred a few hours before the Vasil Hard Fork Upgrade was scheduled to take place.

In addition, the 22nd of September is pivotal because that’s when the Vasil upgrade to the Cardano network is set to go live at 21:44 UTC.

Moreover, Binance, the largest cryptocurrency exchange, has publicly announced its approval of the Vasil upgrade. Epochs 365 and 366 will see the first of two phases of the update.

According to a statement released by Cardano, the Vasil network will undergo an upgrade at epoch 365, or 9:45 p.m. (UTC). To add insult to injury, the Cardano platform will temporarily halt all incoming and outgoing funds until the update is being implemented.

Contrarily, the Plutus V2 Cost Model system update is scheduled for epoch 366, or September 27 at 9:45 p.m. (UTC). Assuming this scenario plays out, ADA transactions will be disrupted commencing at 8:45 PM on September 27. (UTC).

With Vasil, a Fresh Start

Vasil is planning to roll out a new version of Plutus, the underlying smart contract language for the network. The IOG (who built the Cardano blockchain) and the Cardano Foundation have been working nonstop to get ready for the upgrade.

Many in the bitcoin community anticipate that the Vasil Hard Fork will mark a turning point for the network. Once Vasil has been running for a few days, the following week is when Plutus V2 will be released.

Cardano’s sophisticated ledger updates will permit the scripting contract system to utilize input and unspent transaction outputs (UTXO). In the past, the length of a transaction was a major contributor to the slowness of the Cardano network.

Technical Director of Cardano Matthias Benkort clarified the complicated procedure by stating that it will aid in enhancing security.

Will Vasil Hard Fork, a potential upgrade to Cardano’s blockchain, be beneficial?

As the seventh largest cryptocurrency by market price, Cardano’s scaling will have significant implications for its community.
Not only will the network as a whole benefit from the Vasil upgrade, but so will dApp ecosystems. Those involved with Cardano are excited about what lies ahead after the upgrade.

Cardano is about to undergo a significant protocol change with the hard fork upgrade. The transaction fees, scalability, and transaction times are all projected to change.

Meanwhile, roughly three bitcoin exchanges have implemented support for the Vasil hard fork. The number of people waiting to upgrade to the Vasil hard fork is currently over 20. Charles Hoskinson claims that the onboarding of cryptocurrency exchanges is the next step in the implementation process.

The enhancement has revitalized interest in Cardano. The expanding network is attracting the attention of more established companies that want to make investments.

Royal Seed
Royal Seed is a brand new contributor to Alltechcraft, and his writings focus on cryptocurrency news and platform reviews. We highly suggest keeping up with his most recent writings, since they are both quite insightful and fascinating. (Follow him on [email protected]_nba )