Cardano’s Vasil Ambitious Upgrade Set to Launch
The Cardano team reports that all three “critical mass indications” required to start the upgrade have now been satisfied, and the Cardano Vasil update is scheduled to happen in less than 24 hours on September 22. Input Output Hong...
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September 22, 2022 by Aishwarya shashikumar
The Cardano team reports that all three “critical mass indications” required to start the upgrade have now been satisfied, and the Cardano Vasil update is scheduled to happen in less than 24 hours on September 22.
Input Output Hong Kong (IOHK), the company that created Cardano, announced on Twitter on September 21 that 13 cryptocurrency exchanges have indicated they were prepared for the hard fork within the previous 48 hours, accounting for more than 87% of Cardano’s (ADA) liquidity.
According to an ecosystem readiness website by IOHK, Coinbase is the only exchange among the top exchanges for ADA liquidity that has its integration status labeled as “in process.”
But Coinbase recently signaled in a tweet that it will support the fork, noting that ADA transactions would be suspended “during the Cardano Vasil hard fork.” Coinbase will be pausing deposits and withdrawals for Cardano (ADA) across https://t.co/Zkd27RUMRo, Coinbase Pro, Coinbase Exchange, and Coinbase Prime on or around 2pm PT on 9/22, for the Cardano Vasil hardfork.
The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a flaw in Cardano’s previous node version that caused interoperability problems.
Cardano Vasil hardfork gains more support
The top decentralized applications (DApps) on the blockchain have also validated their readiness, marking all three criteria required for the upgrade to proceed. With an upgraded Vasil node in place, over 98% of mainnet blocks are currently being created by the updated nodes.
According to market intelligence platform Santiment, social media talk about ADA has increased by 35.16% over the previous seven days following news of the upgrade, coming in third place behind Ripple (XRP) and Ethereum (ETH).
When it goes online, the upgrade will be the blockchain‘s most important development since the Alonzo hard fork in September of last year, which enabled smart contracts’ first-ever functioning. The goal of this improvement is to improve smart contracts while lowering expenses and boosting network capacity.
Faster block production is one of the most significant improvements brought about by the fork, according to IOHK, because blocks can be sent without complete validation.
The Vasil upgrade bears the name of the late artist and Cardano ambassador Vasil Stoyanov Dabov, who passed away in December 2021 from a pulmonary embolism.
Furthermore, at the time of press, ADA was priced at $0.443889 and had taken a plunge of 0.5% over the last 24 hours.
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