Vasil Cardano upgrade is ready!

Vasil Cardano upgrade is ready!

Vasil Cardano’s upgrade is due today, September 22. Cardano’s team noted that the three “critical mass indicators” needed to trigger the upgrade have now met.

A September 21 update on Twitter from the company behind Cardano, Input Output Hong Kong (IOHK), says that 13 cryptocurrency exchanges have confirmed in the past 48 hours that they are ready for the hard fork. Which is more than 87% of the liquidity of Cardano (ADA).

With this latest addition, we have reached the 3 critical mass indicators: 39 upgraded exchanges (87.59% of liquidity). Vasil’s node (1.35.3) now creates more than 98% of the mainnet blocks. The main Cardano #DApps TLV has confirmed that they have been tested and are ready.
— Input Output (@InputOutputHK) September 21, 2022

Of the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” for its onboarding status, according to IOHK’s ecosystem readiness page.

However, recently tweet Coinbase has already indicated that it will support the fork, saying that ADA transactions will be halted for maintenance “for the Vasil Cardano hard fork.”

Originally set to launch in June, the launch date of the Vasil upgrade has been postponed twice. The latest one, due to a bug found in the previous version of the Cardano node, created incompatibility issues.

With the updated Vasil node, the updated nodes have now created more than 98% of the mainnet blocks, and initial decentralized blockchain applications (DApps) have declared that they are ready, marking the three parameters needed to start the upgrade .

Hey #Cardano $ADA users! We are ready for the Vasil upgrade from @Cardano Vasil. No downtime or other required action is expected, just sit back, relax and enjoy the upgrade♀️. To start! — Ledger Support (@Ledger_Support) September 21, 2022

Because of the news of the upgrade, social media discussion about ADA has increased by 35.16% in the last seven days since September 19, according to market intelligence platform Santiment, third behind Ripple (XRP) and Ethereum (ETH).

#Crypto markets have obviously taken a hit over the past week, but it’s interesting to see where social interests have shifted. The discussion of $ETH, $XRP, $ADA, $MATIC, and $SHIB assets has increased, while most other assets are discussed much less. — Santiment (@santimentfeed) September 19, 2022

When it goes live, it will be the biggest upgrade of the blockchain since Alonzo’s hard fork in September of last year, which brought functionality to smart contracts for the first time. This upgrade aims to improve smart contracts, reduce costs and increase throughput on the network.

IOHK said that one of the biggest upgrades the fork brings is the speed at which blocks are created, as they can be transmitted without full validation.

Also read: Cardano replaces bitcoin in the world’s best trusted brands

The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, Cardano community member and ambassador, who died in December 2021 of a pulmonary embolism.

Currently, the price of ADA sits at $0.44 according to CoinGecko, down 3.4% over 24 hours and more than 85% from the all-time high of $3.09 on September 2, 2021.

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