The developers reported an increase in transactional activity in the Cardano network

Against the background of the upcoming activation of the Vasil hard fork and an increase in transaction activity in the Cardano network, quotesnative blockchain token ADA has grown by 13% over the past week.

At the beginning of the week, the price of the asset jumped by 28%. At the time of writing, the cryptocurrency has corrected and is trading near $0.58.

Hourly ADA/USDT chart on Binance exchange. Data: Trading View.

June 2 non-profit organization CardanoThe Foundation has released ecosystem metrics for May 2022. The monthly number of transactions in the project network increased by 7.74%, to 42.5 million. The ADA supply increased by 8.64%, to 5.03 million, and the total number of wallets reached 3.36 million.

In mid-April, one of the Cardano developersannounced that the activation of the Vasil hard fork is scheduled for June 29, 2022. However, the implementation of the update in the test network will take place at the beginning of the month.

The Vasil hard fork includes four proposals to improve the Cardano network (CIP):

• CIP-31 - Introduces a new type of transaction inputs that allows you to extract data from the output without a spending operation. This will facilitate access to information stored on the blockchain;
• CIP-32 - introduces the "embedded data" feature, which allows you to store various information in the blockchain;
• CIP-33 - introduces the function of "referenced scripts",which allows you to add a script to the transaction output, with which you can later interact through a link. This will reduce the size of transactions and increase network throughput;
• CIP-40 - introduces a new type of transaction output related to collateral for on-chain assets.

Vasil is supposed to reduce transaction costs in Cardano and improve network security. The update will also make it easier to interact with smart contracts.

Recall that in January, the company behind the development of Cardano, IOHK, presented a roadmap for the development of the project for 2022.