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Cardano’s founder finally breaks silence as ADA goes mooning

4 min ago2 min readAltcoins
Cardano’s founder finally breaks silence as ADA goes mooning

Former Ethereum executive and Cardano [ADA] founder, Charles Hoskinson, recently broke his silence on the Vasil hard fork upgrade. Recall that Hoskinson had not made any public comment on this issue since Cardano confirmed there would be a delay.

In a video which he named “Some Brief Comments on Vasil,” released via his Twitter page, Hoskinson noted that there had been several unavoidable reasons for the setback.

Some Brief Comments on Vasil — Charles Hoskinson (@IOHK_Charles) August 1, 2022

Tests and failures

According to the crypto head, the Vasil process had to pass some stages before the upgrade could occur. He noted that while some features can be skipped, others can not be.

Hoskinson said that Cardano was in an advanced testing stage despite the delay. However, he reiterated that confirmed tests also need to be verified. He further revealed that, in the verification process, the team discovered some bugs that needed to be fixed and re-tested.

After trying out nodes v.1.35.1 and v.1.35.2, the founder said that node v.135.3 could be the final version for the Vasil upgrade.

Even with the release, Cardano’s native cryptocurrency, ADA, had not responded positively.

Unfazed

Following the incident above, ADA spiked by 2.11% over the last day. At press time, the cryptocurrency in question was trading at $0.5052 as per CoinMarketCap.

But according to CryptoQuant, ADA’s 24-hour volume was down 16.40% to $679.83 million on 2 August.

Although the bullish sentiment of the entire crypto market may push ADA back above its near-term resistance, it might not be able to sustain its increase because of the lack of volume.

It’s here to be noted that developer activity on the Cardano chain has taken a downturn expectedly.

However, data from Santiment showed that network activity has improved. On 2 August, the 24-hour active addresses on Cardano had improved significantly. On 1 August, it was 186. However, a day later, it had surged to 39,500.

While the active addresses increase might not mean anything substantial for the ADA price, it proves that Hoskinson’s video may have triggered investors’ confidence.

Much to the surprise of investors, Hoskinson stated that there would be no more delays on the Vasil upgrade.

However, nothing can be sure, especially since it took a long time for him to communicate. But, this would likely not stop investors from anticipating a more scalable Cardano.

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