Regardless of the path that its price is taking, the Cardano blockchain project is still making progress and reaching new milestones. In particular, in light of the current attention being paid to the impending Vasil hard fork upgrade, which is scheduled to take place on September 22.
To what extent, however, do you believe the recent developments warrant an increase in price?
Ageing like a fine wine
Cardano (ADA), one of the point-of-sale chains that has seen the most development, recently recorded a new milestone prior to the eagerly awaited upgrade.
The number of total transactions on the smart contract platform reportedly surpassed 50,000,000 (50M) not too long ago, as reported by the Cardano blockchain explorer Cardanoscan. The number of transactions had reached a total of 50,055,892 at the time this article was written.
In point of fact, approximately 920,000 of those transactions took place within the previous 15 days. In the meantime, Cardano reported a daily transaction count of 51,7033. However, once the Vasil hard fork is activated, it is anticipated that this number will significantly increase.
Additionally, on the metrics front, both the development activity and the trading volume sketched a green preview for the token. This bodes well for the future of the asset.
The trading volume of ADA surpassed 550 million within a week’s time, and at the same time, contributions to Github from developers experienced a consistent and impressive rebound.
A positive picture has been painted for the flagship ecosystem as a whole as a result of these developments taken together.
What is the reason for this?
It goes without saying that the buzz surrounding the Vasil hard fork in the ecosystem did play an important role, regardless of whether it was in the retail or institutional sector.
As an illustration, here is the most recent partnership for Cardano that makes use of its functionality.
The Cardano Foundation is going to work on creating a traceability system that will be used to monitor and maintain the high quality of Georgian wine. Mel McCann, Vice President of Engineering at the Cardano Foundation, stated the following in a blog post that was published on September 14.
“The Cardano Foundation takes great pride in the technical integration initiatives it has fostered, which have contributed to the development of solutions for a diverse range of businesses and types of systems. This collaboration will develop an innovative, cost-effective, and flexible certification and traceability system. This system will provide transparency and authenticity for wineries and customers from the point of harvest to the point of consumption.
But was this new turn of events sufficiently convincing?
Not really in terms of the price, that’s for sure. At the time of publication, ADA had just experienced a fresh 3% price drop as it traded just below the $0.47 threshold. Even the ADA’s detractors appear to take pleasure in stifling the organization’s development.
Peter Brand, a well-known trader and analyst, made a statement on Twitter that even though ADA has underperformed in recent times, the cryptocurrency is still on its way to its demise. According to Brandt, the pattern of ADA’s price action over the past few months has been reflecting more bearish signals.