Cardano Vasil update complete, with all 'critical mass indications' attained
With less than 24 hours till Cardano's most ambitious update, all three metrics required to launch the long-awaited Vasil upgrade have been reached.
The Cardano Vasil update is scheduled to occur in less than 24 hours on Thursday, with the Cardano team saying that all three "critical mass indicators" required to trigger the upgrade have already been met.
According to a Wednesday update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK), 13 cryptocurrency exchanges have certified their readiness for the hard fork, representing over 87% of Cardano's (ADA) liquidity. According to an ecosystem readiness page maintained by IOHK, Coinbase is the only exchange with an integration status of "in progress" among the leading exchanges for ADA liquidity.
Coinbase, however, has already signaled that it will support the fork, stating that ADA transactions will be paused for maintenance "for the Cardano Vasil hard fork."
Originally scheduled for a June launch, the Vasil upgrade has been pushed back twice, most recently owing to a problem uncovered in Cardano's previous node version that caused incompatibility difficulties.
With an updated Vasil node in place, the updated nodes are now creating over 98% of mainnet blocks, and the blockchain's top decentralized apps (DApps) have now confirmed their readiness, marking all three metrics required for the upgrade to proceed. According to market intelligence platform Santiment, social media talk about ADA has increased by 35.16% in the seven days since Monday, placing it third after Ripple and Ethereum.
Once implemented, the upgrade will be the blockchain's most significant since the Alonzo hard fork in September of last year, which enabled smart contract capabilities for the first time. This upgrade intends to improve smart contracts, minimize expenses, and increase network throughput.
According to IOHK, one of the most notable benefits of the fork is faster block creation because they can be transmitted without full validation.
In new research, Cardano outranks Bitcoin among the world's top intimate brands.
The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who died of a pulmonary embolism in December 2021.
According to CoinGecko, the price of ADA is currently at R7.76, down 3.4% in the last 24 hours and down more than 85% from its all-time high of R54,48 on September 2, 2021.
