Everything You Need To Know About Cardano's Vasil Hardfork: Features, Its Impact On ADA's Price & TVL

Soon-to-be launched Cardano’s Vasil Hardfork is a massive step forward for the Cardano network. Scheduled to release on June 29, 2022, it will add features that would “make apps sing on Cardano,” says Cardano architect.

Charles Hoskinson highlighted these features in a YouTube video published in April. What it is majorly going to do is enforce the pipelining technique, which in turn would enhance block dispersion. In addition, it would help the blockchain to scale, accommodating input endorsers in the network.

The new features will include the addition of inline datum, reference inputs, and reference scripts, along with enhancements to CIP 31, 32, and 33. Moreover, Bug fixes from previous features together with the patch will dramatically enhance the development experience for projects based on the Cardano network.

On May 12, 2022, the team provided further updates on Vasil Hardfork via a Youtube podcast.

“We’re preparing for our closed public test net face,” shared Nigel Hemsley, head of Delivery and projects, and explained the complete timeline regarding the update till July.

Further, IOHK revealed that the testing would be done in collaboration with Dapps for testing their applications on the network’s testnet and mainnet.

A few weeks ago, Hoskinson pointed out the disparity in the staking process of Cardano compared to other networks in a tweet. The founder explained that if the number of staked ADA were counted despite them being locked or not, the TVL of Cardano would be much higher.

However, in March, Hoskinson shared a user’s tweet that pointed out the $261M TVL of the network at that time and that “it is only the very beginning of DeFi for Cardano.”

At the time, he stated that most of the “Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining.”

What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022

Cardano also published some exciting updates in its weekly update ahead of the upcoming Vasil testnet. As per the latest report, the network introduced a strong foundation with many new projects planned out with Fund9, which is scheduled to launch soon.

The report also reviewed the work of various teams, including the Plutus and Marlowe teams, stating that they are doing fantastic work.

Every Friday, we publish our weekly #Cardano development update. So for the lowdown on what IOG’s dev team has been working on last week, head on over and take a look?https://t.co/pY9mrxl1OC
— Input Output (@InputOutputHK) May 20, 2022

Impact On ADA’s Price & TVL

Even though the network is accomplishing and coming up with many exciting updates, the price of ADA, its native token, continues to drop following the recent sell-off. Currently, Cardano is the eighth leading cryptocurrency in terms of market cap.

At the time of writing, Cardano(ADA) is USD 0.547380 and has gained 3.34% in the last 24-hour period. According to DeFillama, the total value locked (USD) of Cardano (ADA) is $137.08 Million.

Cardano witnessed its highest TVL at $326 Million in the last week of March 2022.

It will be interesting to witness whether the Vasil Hardfork will have a positive impact on the TVL and the price of Cardano or not.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing