Against the background of the upcoming activation of the Vasil hard fork and the increase in transactional activity on the Cardano network, the prices of the native blockchain token ADA increased by 13% last week.

At the start of the week, the price of the asset rose 28%. At the time of writing, the cryptocurrency has corrected and is trading around $0.58.

On June 2, the nonprofit Cardano Foundation announced its ecosystem indicators for May 2022. The number of monthly 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.

📊Monthly summary of data on chain 🚀#cardano #blockchain #Project Catalyst pic.twitter.com/Z49EzDFSaL

— Cardano Foundation (@CardanoStiftung) June 1, 2022

In mid-April, one of the Cardano developers announced that the activation of the Vasil hard fork is scheduled for June 29, 2022. However, applying the update on the testnet it will include already at the beginning of the month.

#cardano Expect a new wave of upgrades with the Vasil HFC event on June 29, 2022

Upgrades in Plutus- #cardanosmart contract platform (CIPs)

Among the most anticipated components of this HFC activity

Here is a breakdown of each of these upgrades:🧵👇 pic.twitter.com/bmU4U2bRkt

— Sooraj 🚢 (@Soorajksaju2) April 18, 2022

The Vasil hard fork includes four proposals for improving the Cardano network (CIP):

• CIP-31 – Introduces a new type of transaction input that allows you to extract data from the output without spending. This will make it easier to access the information stored on the blockchain.
• CIP-32 – offers the “embedded data” feature, which allows you to store various information on the blockchain;
• CIP-33 – introduces the “reference scripts” feature that allows you to add a script to the output of a process that can then be interacted with via 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 expected to reduce transaction costs and improve network security in Cardano. The update will also make it easier to interact with smart contracts.

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