Cardano (ADA) founder Charles Hoskinson says the Vasil upgrade, set for Sept. 22, is on track and expects tangible momentum for the ecosystem afterward.
Shortly before the Vasil upgrade at Cardano (ADA) announced for this Thursday (September 22), founder Charles Hoskinson addressed the community with a video message. No difficulties are expected with the launch of Vasil, Hoskinson said. Cardano’s first major upgrade this year had to be pushed back several times during the summer. With his usual wry humor, Hoskinson now compared Vasil to a rocket, which either explodes in the air or reaches outer space. Hoskinson was sure that Cardano would reach a new altitude with Vasil.
After Vasil, he said, it would then be time to position itself as a competitor to Ethereum (ETH). Ethereum had seen its historic upgrade “The Merge” go through smoothly last week, and ETH has since defended its role as the number one cryptocurrency in the important DeFi and NFTs divisions. Hoskinson expects a lot of new DApps to launch under Cardano after Vasil, creating new use cases for ADA within three to six months.
However, he also acknowledged that the expansion trajectory for Cardano falls into a difficult market environment. According to him, 2022 was marked by the crash of Terra (LUNA) and domino effects from the perspective of the crypto industry. Some $600 billion was virtually destroyed in the process, he said. However, even within these heated developments, Cardano managed to remain one of the strongest global cryptocurrencies, he said. Indicators such as the number of wallets and active developers for ADA actually show unbroken interest in Cardano.
However, Hoskinson must also be measured against previous statements. He had predicted hundreds of DApps and thousands of projects for Cardano in the period after the Alonzo upgrade in September 2021 – a scenario that did not come close to being fulfilled. Early in 2022, Hoskinson had cited Vasil and a second upgrade called Hydra for Cardano as instrumental to the crypto year. Meanwhile, however, the Hydra upgrade for ADA seems to be delayed to 2023.
Bottom line: is Vasil creating momentum for ADA?
As the face of Cardano, Charles Hoskinson basically has to act as a professional optimist. But ADA’s price curve has struggled to build momentum of its own for months, stuck below $0.50. A year ago, Cardano was still trading at around 2 US dollars. Whether Vasil really creates momentum for ADA will depend on whether developers then succeed in establishing new DApps and use cases for ADA in practice.
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