Cardano (ADA) up over 25%

Cardano (ADA) has gained almost 30% before May ended, making it the best-performing cryptocurrency among the top 20. This is due to the execution of the Vasil Hard Fork.

The price of ADA reached $0.6860 at 5.00 AM UTC before retreating slightly, According to TradingView statistics on CoinMarketCap. At the time of this writing, Cardano (ADA) is trading at $0.6699, representing a 28 percent price increase for the month of May.

What Excites Charles Hoskinson About Vasil Hard Fork

Charles Hoskinson, the CEO of Input-Output Global (IOG), the company that founded Cardano (ADA), expressed his excitement about the Vasil Hard Fork Combinator (HFC) event, which took place in June 1, 2022.

Hoskinson noted in the video, where many other advances of the Cardano ecosystem were discussed, “As many of you know, a major major major hard fork combinator event is happened in June, which is the Vasil hard fork, and that is going to contain pipelining, which will be a massive performance improvement to Cardano, alongside the first wave of significant Plutus enhancements since Plutus shipped in September.”

In February, IOG’s director of Cardano Architecture, John Woods, wrote a blog post describing the notion of Cardano pipelining. “Pipelining is, effectively, an evolution in Cardano’s ‘plumbing’. It is a key element in our scaling plan this year, one in the series of published steps covering our methodical approach to flex Cardano’s capacity as the ecosystem grows…”

“Pipelining – or more precisely, diffusion pipelining – is an improvement to the consensus layer that facilitates faster block propagation. It enables even greater gains in headroom, which will enable further increases to Cardano’s performance and competitiveness…

“Pipelining is just one of the pillars supporting Cardano’s scaling this year. Combined, all these changes will lead Cardano to a position where it is faster than its competitors, and a highly competitive platform for decentralized finance (DeFi) this year.”

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It’s also worth noting that Hoskinson previously mentioned that many Cardano decentralized finance (DeFi) applications are awaiting the Vasil hard fork, which will have a direct impact on Cardano’s Total Value Locked (TVL) growth.

About Cardano

The platform began development in 2015 and was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum. Hoskinson left Ethereum after a dispute with one of its co-founders, Vitalik Buterin; Hoskinson wanted to accept venture capital and create a for-profit entity, while Buterin wanted to keep it running as a nonprofit organization.

After leaving, he co-founded IOHK, a blockchain-engineering company, whose primary business is the development of Cardano, alongside the Cardano Foundation and Emurgo. The platform is named after Gerolamo Cardano, while the cryptocurrency itself is named after Ada Lovelace. The Ada sub-unit is the Lovelace; one Ada = 1,000,000 Lovelaces.