March 21, 2023

Key Takeaways

  • Cardano’s Vasil upgrade is set to launch tomorrow.
  • Vasil is expected to bring improvements to make the blockchain more scalable and efficient and lower transaction costs.
  • The upgrade has suffered two delays, with Cardano co-founder Charles Hoskinson suggesting the project is on track to launch tomorrow.

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The upgrade will make Cardano more scalable and introduce several other improvements.

Cardano is waiting for Vasil

cardanoThe Vasil hardfork is finally in hand.

The highly anticipated upgrade to the Layer 1 blockchain is set The first round of upgrades scheduled for tomorrow and the second round on September 27 will take place over five days.

“We don’t expect any problems, but there’s no going back now,” said During Cardano co-founder Charles Hoskinson A September 18 live stream. “No amount of testing or anything can save us because [the] The rocket is in the air. It either explodes in the air or reaches orbit, and obviously it’s going to reach orbit.”

Vasil Cardano is set to improve various aspects of blockchain. According to A blog post Cardano developer Input Output is from Hong Kong (IOHK), Vasil will enable applications built on Cardano to become “faster and more sophisticated,” improving the user experience while making it easier to build blockchains. This will improve the network’s scaling capabilities and lower transaction fees.

IOHK says Vasil is Cardano’s “most significant update” to date. The hard fork was originally scheduled for June 29 but suffered two delays for further testing and patching issues.

Last month, Cardano developer Adam Dean said that the blockchain’s testnet “catastrophically broken” due to compatibility issues with the current version of the blockchain’s client software. Dean suggested that the bug might be due to IOH rushing to deploy Vasil. “If there were an “atomic clock” for Cardano, we are dangerously close to striking “midnight,” he wrote after publishing his discovery.

Cardano is one of the largest blockchain networks in the world with a market capitalization of over $15 billion, per CoinGecko data. However, the network holds just $79.1 million in total value locked in, according to Defy Llama data. This is significantly less than rival projects like Ethereum ($30.87 billion), BNB Chain ($5.24 billion), Avalanche ($1.62 billion), and Solana ($1.28 billion). While Cardano fans will likely welcome the Vasil launch, the network’s ADA token has failed to respond in the lead-up to the event. According to CoinGecko data, it is currently trading at $0.44, down 0.4% in the last 24 hours. The ADA is about 85.6% below the all-time high recorded in September 2021.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.

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