Home / Cardano News /Crypto Economy Loses $102 Billion In 30 Days — BTC, SOL Shed The Most Losses

Crypto Economy Loses $102 Billion In 30 Days — BTC, SOL Shed The Most Losses

03 Sep 2022

While The Merge is expected to take place in just over ten days’ time, Cardano’s hard fork called Vasil now has a scheduled date. The highly anticipated Cardano fork will take place on September 22, or roughly nine days after Ethereum transitions from proof-of-work (PoW) to proof-of-stake (PoS).

Cardano’s development team disclosed a hardened date for the upcoming Cardano (ADA) hard fork called Vasil, following Input-Output Global (IOG) founder Charles Hoskinson explaining it would happen in September during a live stream on Twitter last week.

On Twitter, IOG’s official social media account told the public that the “Vasil upgrade date [was] confirmed.” The developers noted that the codebase merge will follow “successful completion [and] extensive testing of all core components.”

IOG further explained that the fork would be codified into the mainnet codebase on September 22. IOG continued by adding:

Vasil is the most significant Cardano upgrade to date, bringing increased network capacity and lower-cost transactions. The upgrade will also bring enhancements to Plutus to enable devs to create more powerful and efficient blockchain-based applications.

IOG founder Charles Hoskinson also discussed the Vasil hard fork date in a live stream on Twitter called “Vasil is Coming September 22nd, 2022.” The hard fork’s name Vasil comes from a Bulgarian Cardano community member and mathematician, Vasil Dabov, who recently passed away.

During the live stream, Hoskinson noted that it was amazing that the randomly chosen fork date falls on the independence day of Bulgaria. Four Cardano Improvement Proposals (CIPs) are being added to Cardano’s (ADA) codebase.

During the implementation, Vasil will dock CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). It has been said by IOG developers last May that CIP-31’s reference scripts will reduce ADA’s transaction costs.

At the time of writing following the announcement, cardano (ADA) has increased 2.3% against the USD in 24 hours. ADA has risen close to 10% during the past seven days, and presently ADA is the eighth largest crypto market capitalization with a $16 billion market cap.

What do you think about IOG and Charles Hoskinson announcing the Vasil hard fork launch date? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

While The Merge is expected to take place in just over ten days’ time, Cardano’s hard fork called Vasil now has a scheduled date. The highly anticipated Cardano fork will take place on September 22, or roughly nine days after Ethereum transitions from proof-of-work (PoW) to proof-of-stake (PoS).

Cardano’s development team disclosed a hardened date for the upcoming Cardano (ADA) hard fork called Vasil, following Input-Output Global (IOG) founder Charles Hoskinson explaining it would happen in September during a live stream on Twitter last week.

On Twitter, IOG’s official social media account told the public that the “Vasil upgrade date [was] confirmed.” The developers noted that the codebase merge will follow “successful completion [and] extensive testing of all core components.”

IOG further explained that the fork would be codified into the mainnet codebase on September 22. IOG continued by adding:

Vasil is the most significant Cardano upgrade to date, bringing increased network capacity and lower-cost transactions. The upgrade will also bring enhancements to Plutus to enable devs to create more powerful and efficient blockchain-based applications.

IOG founder Charles Hoskinson also discussed the Vasil hard fork date in a live stream on Twitter called “Vasil is Coming September 22nd, 2022.” The hard fork’s name Vasil comes from a Bulgarian Cardano community member and mathematician, Vasil Dabov, who recently passed away.

During the live stream, Hoskinson noted that it was amazing that the randomly chosen fork date falls on the independence day of Bulgaria. Four Cardano Improvement Proposals (CIPs) are being added to Cardano’s (ADA) codebase.

During the implementation, Vasil will dock CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). It has been said by IOG developers last May that CIP-31’s reference scripts will reduce ADA’s transaction costs.

At the time of writing following the announcement, cardano (ADA) has increased 2.3% against the USD in 24 hours. ADA has risen close to 10% during the past seven days, and presently ADA is the eighth largest crypto market capitalization with a $16 billion market cap.

What do you think about IOG and Charles Hoskinson announcing the Vasil hard fork launch date? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

A great deal of digital currencies are down in value during the last 30 days and the worst performing crypto out of the top ten coins with the largest market valuations was solana, losing 19.12% against the U.S. dollar. Bitcoin was the second biggest loser in the top ten, as the leading crypto asset shed 12.71% in USD value this month.

Crypto assets saw a decent rise on August 14, 2022, as bitcoin (BTC) jumped over the $25K zone and ethereum (ETH) surpassed $2K per unit. Despite the jump in value, BTC shed 12.71% in the last 30 days from Wednesday, August 3, 2022, up until Friday, September 2, 2022.

Ethereum’s monthly loss was less brutal after ETH took a 2.75% hit against the U.S. dollar. BNB lost ​​7.02%, XRP dropped 10.53% against the dollar, and ADA slid 9.34%.

Solana (SOL) was the biggest loser out of the top ten crypto assets as it lost 19.12% against the dollar. The tenth largest crypto asset, polkadot (DOT), shed 8.93% during the last 30 days.

Historical statistics from coinmarketcap.com indicate that the global cryptocurrency market cap on August 3 was $1.06 trillion and by September 2, the overall valuation of the entire crypto economy was under $1 trillion at $982.53 billion.

Crypto prices were different 30 days ago as well, as bitcoin (BTC) was trading for $22,829 per unit. Ethereum (ETH) was swapping for $1,614 per coin, and BNB was fetching $282 per unit. The best-performing crypto asset on August 3 was optimism (OP) as it was up 18.24% against the U.S. dollar.

However, OP has lost 38.2% against the dollar this month. Lido dao (LDO) saw an 18.04% rise 30 days ago, but it’s lost 17.7% against the dollar this month. Chiliz (CHZ) was down 9.87% on August 3, but during the last month, CHZ gained 64.7% against the USD.

Theta network (THETA) was down 5.45% a month ago, and during the last 30 days, it has shed 17.9% in USD value. 30 days ago, the total value locked (TVL) in decentralized finance (defi) was $89.81 billion and today the TVL is $59.58 billion.

Makerdao had $8.53 billion locked and as of September 2, Makerdao’s TVL is now down to $7.96 billion. Lido had $7.39 billion 30 days ago and today, it’s around $6.96 billion. The TVL in cross-chain bridges is $9.11 billion, down 25.1% this month, and Polygon bridges dominate by $4.21 billion.

What do you think about the crypto economy’s price action during the last 30 days? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

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