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The expectations of the Cardano Vasil upgrade made the developers disappointed. There is no sign of profits from the Vasil upgrade to Cardano. The upgrade aims to double the performance of blockchain technology and it is trying to compete with the topmost DeFi platforms with the latest version of the Vasil hard fork. But the new version didn’t provide any support for ADA users.
“The ultimate aim of the Vasil upgrade is to decrease costs, to bring smart contract enhancements, and to resolve the issues facing digital currency by utilizing the decentralized block chain system.”
According to the data report, after the successful completion of the Vasil hard fork launch, there was a rapid increase in social activity around ADA crypto exchanges. But the estimation of the analysts went wrong. There is no sign of an increase in the value of Cardano after the Vasil upgrade.
From March 2022, Cardano is facing a huge loss in its total stake value. Cardano has suffered a 76% loss on its proof-of-stake blockchain over the last eight months. As per the report, Cardano is showing a continuous decline in its Total Value Lock (TVL). Cardano TVL is currently valued at $76.66 million (USD). It shows a decline rate of 76.49% from $326 million in March 2022.
Not only Cardano, some of the cryptocurrencies are facing a decline in their TVL from September. Technical indicators like RSI and MACD are showing below 50, which indicates there are no signs of profit for Cardano in the upcoming weeks. In terms of TVL, Cardano is placed in the 27th position among all crypto blockchains. Ethereum stands in the top position with a market cap value of $32 billion (USD).
Despite the negative impacts on Cardano, it created a hike at the time of its vasil upgrade on social media. In daily mentions on social media, it reached 52,470 tweets on September 27. Besides that, Cardano stands in the top 10 position for famous digital currencies selected by banks.
As per the reports, the number of contracts at the time of the Vasil upgrade was 3,292 on September 22. The smart contracts have increased up to 3,392 on October 6. It shows the growth rate of 100 contracts in two weeks. Still, the analysts are hoping that Cardano will gain interest in the digital currency platforms.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
