Along with the “Merge” on Ethereum, the Vasil update on the Cardano blockchain is the other hot topic in recent weeks. Although Vasil has been announced for a long time, its implementation is often postponed. At the beginning of the month, the date of September 22nd was finally announced! Bet, all indicators are locked for Vasil’s arrival…
What is Vasil’s update on Cardano?
If we are referring to the Cardano roadmap, the developers are called at step 3 Gogoun. The purpose of this step is to develop smart contracts on Cardano. Step 4 is called Basho, on the other hand, is about the scalability of the network. Now that you have these two steps in mind, it’s easier to put Vasil’s update into context. Indeed, Vasil will allow the transition between stage 3 and stage 4. In other words, Vasil’s implementation is critical to the development of Cardano’s roadmap.
What’s in Vasil’s update? Basically, the upgrade includes two main improvements. One is about the transaction processing. With a “diffuse piping” technique, transactions can be processed faster. The second improvement concerns Vasil the smart contract. The Plutus language used to code smart contracts on Cardano will be updated when Plutus 2.0 arrives.
From the point of view of the name, you should know that the upgrade Vasil Stoyanov refers to Dabov. Vasil Stoyanov Dabov was an ambassador for the Cardano blockchain. He died in December 2021 of a pulmonary embolism.
Vasil’s arrival depends on achieving 3 criteria
Deployment of the Vasil upgrade will occur when three criteria are met. We find out more about these 3 critical parameters for the future of Cardano.
What indicators condition Vasil’s arrival?
The upgrade was often postponed. Originally, Vasil was to be deployed in June. But the network was not ready for his arrival. Despite these difficulties, the developers of Cardano (IOHK) had credit for playing transparency map with investors. Therefore, last month, the developers mentioned on Twitter 3 main criteria. Meeting these criteria would be a direct condition for Vasil’s upgrade. But what are these criteria?
The three criteria mentioned are:
- Criterion 1: 75% of the blocks on the mainnet produced by nodes running the latest version of the development code – the 1.35.3 (the 1.35.2 abandoned after discovery fragility defects);
- Criteria 2 : 25 exchanges (representing 80% of cash) evolve their Cardano nodes by adopting version 1.35.3 ;
- Criteria 3 : with them 10 App most important upgrade and working with 1.35.3 nodes.
Since the end of August, these criteria have been the subject of intense monitoring by the developers. Two weeks after talking about it, the developers had confirmed that the evolution of these indicators was favorable. At the beginning of September, they said that the Vasil upgrade was “closer than ever” before mentioning the date of September 22nd!
The three criteria in the green!
If we had to be patient with the arrival of Vasil, it seems that we have achieved the goal! In fact, the developers of Cardano have made another point and declare that the criteria are in the lock!
As often, theinformation came on Twitter. The developers informed IOHK about the status of the criteria. To summarize, this is the case:
- Criterion 1: 98% of the blocks on the mainnet which is now created with the latest code version 1.35.3;
- Criteria 2: 39 exchange Cryptos have evolved their Cardano nodes, which account for 87.59% of the liquidity in Cardano. The only major crypto exchange that has fallen behind right now is Coinbase. But it is only a matter of time, the exchange also declared its support for the Vasil fork.
- Criterion 3: Top 10 decentralized applications confirmed to be ready to work with 1.35.3 nodes.
In other words, nothing stands in the way of Vasil’s arrival! Vasil’s upgrade represents the most important evolution after Alonzo’s hard fork in September 2021.
Cardano Crypto Price Not Waiting (Yet)
If this is good news, it is clear that it still does not carry to the price of the Cardano crypto. At the time of writing this article, the price of Cardano is €0.45. The following are the price changes over the last few days:
- Last 24 hours: 0%:
- Last 30 days: -0.7%;
- In the last 60 days: – 12.9%;
- In the last 90 days: – 8.9%.
These results are just flamboyant! But they are to be put into perspective with a bad encryption market. The price of Bitcoin, for example, follows the same “dynamics” as Cardano. But Vasil’s arrival could change that. If the implementation goes smoothly, it could increase the price of Cardano crypto. Answer in the next few days, even in the next few hours…