Post-Vasil: Cardano Network Improves, But ADA Price Drops
The Vasil update aided in the enhancement of Cardano’s smart contract capabilities and scalability. The update looks to live up to its hype, including 100 new smart contracts.
According to available statistics, the network passed the 3000 smart contract mark in August and had 3,292 on September 22, when the Vasil hard fork occurred. As of publication time, that figure had risen to over 3,400.
However, the hard fork has had little effect on the network’s staking activity. Since the Vasil update, the platform’s total value locked (TVL) has not grown. In reality, the inverse has occurred. As of October 9, Cardano’s TVL was worth $75.3 million.
Following the hard fork, the overall amount of ADA staked climbed marginally, hitting a high of $148 million on October 3. This is still a long way from the highest TVL of $326 million on March 24, 2022.
Meanwhile, considering that a Cardano transaction might contain many payments, a glance at the number of daily payments indicates that it has not changed considerably after the update. However, the monthly payouts per day are now larger than before the Vasil hard fork.
Since the update, the number of active addresses each day on the network has also grown. As of press time, it was roughly 70,752.
Meanwhile, Cardano’s ADA hasn’t shown any positive signs since the Vasil upgrade. At the time of writing, ADA is trading at $0.4154.
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