Cardano up 3% following completion of Vasil hard fork

Cardano’s ADA has reacted positively to news of the successful completion of the Vasil upgrade, rising 3.6% in the last 24 hours to trade at $0.4638.

The Vasil upgrade went live at 9:44 pm UTC on Sept. 22, according to an announcement from Input Output.

#Vasil mainnet HFC event successful!🍾

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
🧶1/5

— Input Output (@InputOutputHK) September 22, 2022

The hard fork will:

“bring significant performance & capability enhancements to Cardano, from higher throughput capability via diffusion pipelining to a better developer experience with much-improved script performance, efficiency & lower costs.”

The Vasil upgrade is its most significant improvement on Cardano since it enabled smart contract functions in 2021.

Vasil is Cardano’s most ambitious upgrade

IOHK described it as its most ambitious work, praising the Cardano community for making the upgrade a success.

The Vasil upgrade had faced some delays and was rescheduled a few times before its final launch. Following the Vasil upgrade, Cardano is developing a layer-2 scaling solution, Hydra head protocol.

However, the upgrade’s full functionality will not be available to developers until Sept. 27. According to the team, this is when a new epoch will start, and the new Plutus V2 cost model will be active on the chain.

The community reaction to the upgrade has been positive, with many describing it as a major success. The founder of Abra Global, Bill Barhydt, said:

“Making UTXOs and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done!”

Scammers try to take advantage

Meanwhile, bad actors tried to exploit the excitement to promote scams.

Several accounts masquerading as Cardano’s Charles Hoskinson offered to distribute millions of ADA tokens to anyone that clicked on a suspicious link.

Hoskinson highlighted these fake accounts in one of his tweets, urging the community to report the accounts.

Fake verified hoskinson. Please report https://t.co/sRWKdSsQpt

— Charles Hoskinson (@IOHK_Charles) September 22, 2022

As of press time, it was unclear if anyone had fallen for these scams.