Charles Hoskinson Announces New Timeline For Cardano Hard Fork, Price Pump Incoming?
Cardano has been moving towards the Vasil hard fork for a couple of months now, and with two postponements already, there are concerns about when the upgrade may take place. Founder Charles Hoskinson and IOG, the developer behind Cardano, have been keeping the community updated on bugs and estimated time of delivery. In a new video, the founder said that the Vasil hard fork was likely to happen in September.
Vasil Hard Fork Is Coming
In the video, Charles Hoskinson revealed a timeline for when the Vasil hard fork will likely be completed in September. Bitcoinist had reported in the past that the hard fork was about halfway there since more than 40% of SPOs have since upgraded to the 1.35.3 node. The end goal to trigger a complete Vasil upgrade is at the 75% mark.
Given that there have been no critical bugs found in the latest update, Hoskinson explained that he expects the upgrade to happen sometime in September. The only thing that would put a damper on the plans would be if another critical bug were found.
“The next major lift is to get the exchanges on board,” Hoskinson said. “Binance is reporting that they’re currently upgrading. By volume, I think that they’re about 30-40% of the Cardano trade volume. And other than that, Kraken and Coinbase and so forth tend to follow along.”
ADA resting at $0.44 | Source: ADAUSD on TradingView.com
Catalyst For A Pump
When the Vasil hard fork was first announced earlier in the year, there was a significant pump in the price of ADA. That was back in July when the upgrade had been set for the end of the month. The gains had been quickly wiped off.
However, with a more finalized timeline being announced, there is an expected turn in the tide when it comes to the price of the digital asset. With such an important hard fork, there is usually more interest in the digital asset, as was obvious back in June and in September 2021, leading up to the debut of smart contracts.
Hoskinson even alludes to this saying, “Generally what happens is that after a hard fork date is announced, you see a big rush of people push through.” He further went on to add that “So what is probably going to occur is that once we hit that golden 75% of the SPOs (stake pool operators) and three to five of the major exchanges by volume, the top three or top five are upgraded or in the process of upgrading, a hard fork date will be set. Then, the rest of the exchanges feel the urgency, and they start upgrading, and it’s really hard to get them otherwise. They tend to need a little bit of push for that.”
This expected rush is likely to push up the price of ADA. With the digital asset already registering support at $0.4, this will serve as a bounce-off point. However, given present market conditions, it is unlikely that the price will make it to $0.6.
Featured image from Zipmex, chart from TradingView.com
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