Research from leading digital assets data provider CryptoCompare has shown that Cardano’s code repository has seen a 12% increase in the number o contributions being made ahead of the implementation of the Vasil hard fork.
CryptoCompre’s latest Asset Report details Cardano’s developer activity has been growing steadily over the last few months, with commits on GitHub recently growing from 5,314 to 5,939 as the team prepares for the Vasil hard fork, scheduled for June 29.
The report details that Cardano’s price fell 17.1% last month to close May at $0.63, which is the “lowest end-of-month price ADA has seen in over 12 months.” The cryptocurrency’s trading volume against the U.S. dollar notably rose 31.2% during the month, with larger volumes coming with a 173% spike in volatility.
That volatility may be associated with the Vasil hard fork, as the crypto community has predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June after the network upgrade, which according to Cardano’s Charles Hoskinson will deliver a “massive performance improvement.”
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). These include CIP-31, which introduces a “new kind of input, a reference input, which allows looking at an output without spending it,” as well as CIP-32, which allows for “simpler communication of datum values between users.”
Included in the hard fork is also CIP-33, which proposes reference scripts “be attached to outputs, and to allow reference scripts to be used to satisfy script requirements during validation, rather than requiring the spending transaction to do so.” CIP-33 will “allow transactions using common scripts to be much smaller.”
Finally, the hard fork includes CIP-40, which adds collateral outputs that remove the “need for wallets to explicitly set collateral.”
CryptoCompare’s report adds that ADA holder numbers grew 3.92% in May to 705,000, even after growing 29.6% in March and 28.3% in April. Cruisers rose 1.84% last month to 4.22 million, while the number of traders on the network kept on plunging to 275,000, down from 682,000 in March.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.