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The China Earthquake Networks Center officially reported that a magnitude 3.9 earthquake struck Akto County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang, at 10:24 AM on February 6th, with a focal depth of 10 kilometers.February 6th - Today (February 6th), the Hainan Provincial Information Office held a press conference to introduce the "zero tariff" policy for imported goods for consumption by residents within the Hainan Free Trade Port and to answer reporters questions. The press conference announced that the first batch of five duty-free shops for daily consumer goods will be opened in the three prefecture-level cities of Haikou, Sanya, and Danzhou, with each shop scheduled to open on February 11th, the Southern Lunar New Years Eve.Li Auto (02015.HK) rose more than 2% amid volatility. The company’s chairman and CEO, Li Xiang, said that the company will launch a new generation of Li Auto L9 Livis Edition, priced at 559,800 yuan.February 6th - The U.S. Treasury yield curve is near its steepest level in over four years due to interest rate cuts and concerns about persistent inflation and fiscal deficits. The spread between the 10-year and 2-year Treasury yields widened to as high as 73.7 basis points on Thursday, just slightly below the peak of 73.8 basis points reached in April, the highest level since January 2022. The spread widened on Thursday as signs of weakness in the U.S. job market prompted traders to increase their bets on further monetary easing by the Federal Reserve this year. According to overnight index swaps, the Fed will cut its benchmark interest rate before June (just one month after the end of its term) and will implement two to three 25-basis-point rate cuts this year. Investors are speculating that President Trumps nominee for Fed chair, Kevin Warsh, despite his hawkish reputation, will still favor lower interest rates. Martin Whetton, head of financial markets strategy at Westpac, said: “While the curve has shifted fairly horizontally, weak jobs data has created more downside risk for front-end yields. However, the curve has become steeper as comments from the Treasury’s Borrowing Advisory Committee earlier this week suggested that supply increases could come earlier than expected in November.”The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred in Gerze County, Ngari Prefecture, Tibet Autonomous Region at 09:49 on February 6, with a focal depth of 10 kilometers.

Cardano’s Vasil Hard Fork Comes Tomorrow

Cory Russell

Sep 22, 2022 14:26

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Not only Ethereum (ETH-USD) is offering consumers a significant upgrade this month. Although it has received less attention, Cardano (ADA-USD) has been working on its own network update, which is a desirable new addition to the network. The Vasil hard fork will deliver what, though? Will it serve as an ADA cryptocurrency catalyst?


Like Ethereum, Cardano is a layer-1 dapp network. Even a co-founder of Ethereum created it. After leaving Ethereum in 2014, Charles Hoskinson went on to launch Cardano as a research-based rival.


The network ultimately made smart contract functionality available in late 2021, enabling programmers to construct Cardano-native dapps. At market capitalization, ADA has risen to the top 10 cryptocurrencies by this time. But now, it is the second-largest layer-1 project in the world, behind only ETH, thanks to a significant number of decentralized applications (dapps) and upgrades to enhance developer and user experiences.


And while though Cardano has a market valuation that is several times that of Ethereum, the Vasil hard fork should help it close the gap, if only somewhat.


When the hard fork was initially revealed, there was a lot of anticipation for its June 2022 rollout. However, Cardano's Vasil deployment had several delays, same as Ethereum did with the Merge. It was given a firm release date of September 22 earlier this month. Here is what investors might anticipate with only hours left before Ethereum's rival ups the ante.


Upgrades to Cardano's hard fork will improve network performance.


Blockchain detractors aren't afraid to point out Cardano's shortcomings. And don't misunderstand me; Cardano has its fair share of problems, especially for a network of its magnitude. Many people are eager to point out that the network uses accounting standards that are far older than those of its rivals. Even with its own smart contract platform, its smart contracts are not as reliable. But that may change with the impending Vasil hard fork.


A large portion of the changes are very technical in nature and do not significantly alter how Cardano is used by end users. They do, however, promise to be highly helpful for developers and should greatly increase transaction volume and speed.


Cardano uses the same technology as Bitcoin for user money accounts (BTC-USD). While it accomplishes the task, compared to rivals, it is a significantly less high-performance technique. The most significant improvement is in the "unspent transaction output" method (UTXO). The Vasil hard fork seeks to reduce the amount of computation required to validate certain data by adding extra inputs.


Similar goals are pursued by other network modifications, such as the simplification of user-to-user data sharing. "Diffusion pipelining" is a significant upcoming enhancement. The blockchain will be able to complete several transaction stages simultaneously thanks to this technology. This will boost Cardano's scalability and significantly speed up transaction processing.


However, those waiting for a significant ADA crypto catalyst could be let down. What to anticipate may be gleaned from how ETH has behaved since the Merge. Although many had anticipated that the update would lead to a price increase, the coin instead witnessed a $400 price decrease. Simply said, price patterns continue to be determined by macroeconomic factors. Cryptocurrency prices won't be rising any time soon since the Federal Reserve has threatened to keep raising interest rates.

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