Cardano (ADA) Price Plummets Despite Recent Vasil Hard Fork

Cardano (ADA) Price Plummets Despite Recent Vasil Hard Fork
  • After the activation of Plutus V2, the price of ADA fell to almost a year low of $0.42.
  • Hoskinson announced the success of the Cardano wallet Daedalus Turbo proposal.

Despite the Vasil hard fork, the ADA price has been unable to recover from its near-year-low following the upgrade. Cardano creator Charles Hoskinson thinks a verified wallet would be beneficial to the Cardano network in terms of decentralization and sync speed. Daedalus Turbo, a new wallet algorithm for Cardano, promises faster sync times than the existing Daedalus wallet by a factor of 10.

On September 28, Cardano’s creator Charles Hoskinson uploaded a video to YouTube announcing the success of the Cardano wallet Daedalus Turbo proposal, which has now been funded with $759,000. According to the proposal, the Daedalus Turbo algorithm has a synchronization time that is 10 times faster than the standard Daedalus wallet.

Whopping 6% of the Whole Catalyst Budget

The proposal states that the centralized Cardano wallet, Daedalus, is inefficient since it takes a full day to sync for the first time and hours to resync when used seldom. As a consequence, those who are unfamiliar with Cardano form a negative opinion of the platform.

His goal is to eliminate the need for a central wallet authority and instead have developers follow certain guidelines when creating approved wallets.

This plan to create a technically impossible Daedalus wallet was passed, much to the dismay of the community. Furthermore, a whopping 6% of the whole Catalyst budget was allotted to a single proposition.

Cardano (ADA) has not been able to gain traction in pricing after the Vasil hard fork on September 22 and 27. In fact, after the activation of Plutus V2, the price of ADA fell to almost a year low of $0.42.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.