Cardano Vasil upgrade ready with all ‘critical mass indicators’ achieved
The Cardano Vasil upgrade is set to take place in less than 24 hours on September 22, with the Cardano team noting that the three “critical mass indicators” required to trigger the upgrade have now been met.
In an update on Twitter on September 21 by the company behind Cardano, Input Output Hong Kong (IOHK) confirmed their preparation for 13 cryptocurrency exchanges hard forks in the past 48 hours, representing more than 87% of Cardano’s (ADA) liquidity.
With this latest addition we have met 3 critical mass indicators:
39 exchange upgrades (87,59% by liquidity)
Over 98% of mainnet blocks are now being generated by Vasil nodes (1.35.3).
Top Cardano #DApps Confirmed by TLV that they are tested and ready
— InputOutput (@InputOutputHK) September 21, 2022
Among the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” regarding its integration status, according to Ecosystem Readiness. page By IOHK.
But a recent one Tweet Coinbase has already indicated that it will support the fork, saying that ADA transactions will be closed for maintenance “for the Cardano Vasyl hard fork.”
Originally intended for a June launch, the Vasyl upgrade has seen its launch day rescheduled twice, most recently due to the discovery of a bug in an earlier Node version of Cardano that created incompatibility issues.
With an updated Vasyl node in place, more than 98% of mainnet blocks are now being generated by updated nodes, while the blockchain’s top decentralized applications (DApps) have confirmed their readiness, identifying the three metrics needed to upgrade.
We are ready for @Cardano Kal Vasil upgrade
With no downtime expected or anything else to do, just sit back, relax and enjoy the upgrade♀️
— Ledger Support (@Ledger_Support) September 21, 2022
According to market intelligence platform Santiment, third behind Ripple (XRP) and Ethereum (ETH), there has been a 35.16% increase in social media chatter about ADA in the past seven days since September 19.
#Crypto Markets obviously took a big hit last week, but it’s interesting to see where social interest has shifted. $ETH, $XRP, $ADA, $MATICAnd $SHIB Discussions have increased, while most other resources are being discussed much less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Once live, the upgrade will be the blockchain’s most significant since the Alonzo hard fork in September of last year, which brought functionality for smart contracts for the first time. This upgrade aims to enhance smart contracts, reduce costs and bring increased throughput to the network.
IOHK said that one of the most significant upgrades brought by the fork is the faster generation of blocks as they can be transmitted without full validation.
Related: Cardano overtakes Bitcoin among top global intimate brands in new report
The Vasil upgrade is named after the late artist Vasil Stoanov Dubov, a Cardano community member and ambassador who died in December 2021 of a pulmonary embolism.
Currently, ADA is priced at $0.44 CoinGecko3.4% down in 24 hours and down 85% from its all-time high of $3.09 since September 2nd, 2021.