Bitcoin-related products have continued with capital outflows for the sixth week, this last one was for 13 million dollars.
Cardano is a Blockchain platform that enables transactions in its native ADA cryptocurrency and enables developers to build secure and scalable applications using its technology.
ADA tokens can also be used to vote on software policies, and each ADA holder has a stake in the Cardano network. ADA stored in a wallet can be delegated to a staking pool to earn rewards or pledged to a staking pool to increase the likelihood that the pool will receive rewards.
The latest CoinShares report shows that capital inflows to Cardano (ADA) have quadrupled in the last week, just in the run-up to the Vasil hard fork, which marks its third most successful week in the last year, ahead of Ripple. (XRP) and Solana (SOL).
The report states the following:
“Altcoins saw inflows totaling $1 million, most notably Polygon and Cardano at $0.4 million each.” The week of September 5, the number of net inflows of funds in Cardano was 100,000 dollars, in the last seven days the figure increased to 400,000 thousand dollars.”
More on the Report by CoinShares
A few days ago, Input Output Global, the company behind the Cardano Blockchain, announced that the long-awaited Vasil update will take place on September 22. For ADA, Vasil is the most important network upgrade as it will provide higher network capacity and lower-cost transactions.
BeInCrypto reported at the time that:
“Following the successful completion and extensive testing of all core components, plus confirmed community readiness, together with @cardanostiftung [it] can be announced today [that] September 22nd [will be] the #Vasil update on the #Cardano mainnet.”
According to an analysis by U Today, Cardano has had a positive performance in recent months despite the bear market, and in recent days it was for capital inflows to the crypto market, which amounted to 62.7 million dollars, while Bitcoin-related products had a $13 million leak, which has continued for the sixth week in a row.
Hype for Hard Fork Boosts Cardano
The CoinShares report also states that digital asset investment products registered outflows for a total of 63 million dollars, being the fifth week of outflows if the negative sentiment inferred by last week’s entry in digital asset products is taken into account. BTC investment in “shorts”.
Since weeks ago, eight exchanges, including Gate.io, MEXC, Bitrue, OKX, and AscendEX, including five other major decentralized applications, have been ready for the Cardano (ADA) upgrade.
It is important to remember that the Cardano Foundation exchange integration team has committed to supporting exchanges that have ADA liquidity as they upgrade their systems. Users holding ADA on centralized exchanges will not be negatively affected by exchange updates, but can expect service interruptions.
To proceed with the hard fork, Input Output Global and the Cardano Foundation want 25 exchanges to run version 1.35.3 of the hard fork software, which represents 80% of ADA liquidity. All the software components required by the exchanges are ready.
The Vasil hard fork was announced as part of the Cardano 2022 roadmap outlined by founder Charles Hoskinson in January 2022. While Alonzo’s 2021 hard fork made smart contracts and decentralized finance apps possible, Vasil focuses on increasing transaction throughput, script efficiency, and reducing block transmission latency.
By Audy Castaneda
