$ADA: Cardano’s Vasil Hard Fork Partly Delayed Because of Terra’s Collapse, Hoskin Saysadmin
The creator of Cardano ($ADA), Charles Hoskinson, has revealed that the network’s Vasil hard fork, which is expected to deliver a “massive performance improvement” to it, was partly delayed because of Terra’s collapse, as the team decided to be extra cautious.
In a newly published video, Hoskinson noted that the Cardano development team opted to exercise caution before shipping out the Vasil hard fork after Terra’s ecosystem collapsed, noting he “gave a directive to a lot of the engineers to say we should probably measure three times and cut once given the nature of things.”
Hoskinson noted that the code for the hard fork is ready, meaning “you probably could flip the switch and get away with it,” but Cardano decided to add additional tests to the Plutus suite, Cardano’s smart contract platform, and go “above and beyond what we normally do for hard forks.”
Terraform Labs’ algorithmic stablecoin UST lost its peg after a $500 million withdrawal from its Anchor Protocol led to a large sale on Curve, where liquidity was low. The sale saw UST lose its peg and triggered a bank run.
Because of the algorithmic system behind UST, trillions of LUNA were printed while the stablecoin’s value kept on dropping. Both ended up being nearly worthless.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). The hard fork has already seen ADA outperform numerous other cryptocurrencies, even amid a wider cryptocurrency market downturn exacerbated by the collapse of the Terra ecosystem. That performance saw ADA become the seventh-largest cryptoasset by market capitalization, surpassing $XRP.
Honsinkon also said that a desire for inclusivity in the quality assurance and testing process also contributed to the hard fork’s delay, as after having “an enormous amount of contract with dApp [decentralized application] developers and other people,” there was a “desire to be a bit more inclusive in the quality assurance process and the testing process.”
The hard fork was initially scheduled to go out on June 29, but the developers behind it postponed it until the last week of July.
Featured image via Unsplash
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