Cardano (ADA) Popped 13% Today. Is It Time to Buy?

The "Vasil Hard Fork" upgrade is scheduled to go live on June 29.

On Thursday, the Cardano blockchain successfully rolled out its "Vasil Hard Fork" across the project's test network. The upgrade is expected to increase the network's efficacy, efficiency, and scalability. Assuming there are no technical hiccups, it will be fully launched to all users on June 29, marking the most significant development for the platform since it incorporated smart contract functionality in September of last year. 

Cardano's eco-friendly proof-of-stake (PoS) consensus protocol launched in 2017 as a more sustainable way to confirm transactions on the blockchain. The previous standard is known as the proof-of-work (PoW) method, which critics slam for its alleged gluttonous energy use. Several of the most heavily trafficked crypto networks still use PoW, including Bitcoin, Dogecoin, and Ethereum.

The Cardano development team has been hyperfastidious in its protracted achievement of every milestone along the project's technological roadmap. While the Cardano team is committed to the idea of "measuring twice, cutting once," it seems as if they're committed to a lot more measuring than actual cutting, so much so that Cardano has cut its first-mover competitive advantage. It has fallen to the back of the pack against alternative blockchains such as Avalanche, Tron, Polkadot, Solana, and others that are seeking to usurp the reigning "smart contract" leader Ethereum. 

Is Caradano a buy?

At press time, Cardano's native token -- ADA -- was priced at $0.62 per coin on cryptocurrency exchanges, marking a 80% drop from its peak price of $3.10 set back on Sept. 2, 2021. Even though Cardano's technical rollout almost makes paint-drying and grass-growing seem like extreme spectator sports by comparison, Cardano's leadership, technology, and future are all on secure footing. This is not financial advice and investors should only fund what they can afford to lose, always researching every investment first. Cardano is a quality project that will be around for the long haul -- but it's unlikely to be priced this low as it hauls in more value over time.