The Cardano ($ADA) network has recently surpassed the 50 million transaction milestone ahead of its widely-anticipated Vasil hard fork, which is expected to deliver a “massive performance improvement” to the network.

According to data from Cardano blockchain explorer Cardanoscan, the smart contract platform has surpassed the 50 million transaction mark recently after processing well over 50,000 transactions per day over the past few weeks.

The cryptocurrency’s community quickly celebrated the achievement on social media:

The Vasil hard fork is a major upgrade that will involve several Cardano Improvement Proposals (CIPs). As reported, the total market capitalization of ADA surged to briefly surpass the $17 billion mark ahead of the network’s highly-anticipated hard fork, before a wider market downturn saw its market cap drop under the $16 billion mark.

At the time of writing, the cryptocurrency is changing hands for around $0.46 per token, after losing 2.7% of its value over the last 24-hour period.

Notably, the cryptocurrency community is expecting the price of Cardano’s ADA to surge around 35% during the month of September over the Vasil hard fork. Data from CoinMarketCap’s price estimate features shows nearly 14,000 users predicted the cryptocurrency’s price for the end of the month, expecting ADA to trade at $0.62 then.

As reported, institutional investor bets on Cardano-based investment products, offering them exposure to $ADA, have quadrupled from last week, at a time in which inflows to short Bitcoin products are rising significantly. Year-to-date, Cardano-based investment products have seen $14.1 million in inflows.

Cardano has recently also been deemed the top cryptocurrency project by “technology development,” by the team at Contora, a platform tracking social and technological data related to cryptocurrencies.

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