Cointelegraph Team
Cointelegraph
With the countdown now under 24 hours for Cardano’s most ambitious upgrade, all three metrics necessary to launch the awaited Vasil upgrade have been met.
The Cardano Vasil upgrade is set to take place in less than 24 hours on Sept. 22, with the Cardano team noting all three “critical mass indicators” needed to trigger the upgrade are now met.
A Sept. 21 update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK) states within the last 48 hours 13 cryptocurrency exchanges had confirmed their readiness for the hard fork, representing over 87% of Cardano’s (ADA) liquidity.
With this latest addition we have met all 3 critical mass indicators:
— Input Output (@InputOutputHK) September 21, 2022
39 exchanges upgraded (87,59% by liquidity)
Over 98% of mainnet blocks are now being created by the Vasil node (1.35.3)
The top Cardano #DApps by TLV have confirmed they have tested and are ready
Of the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” regarding its integration status, according to an ecosystem readiness page by IOHK.
However, a recent tweet by Coinbase has already hinted it will support the fork, saying ADA transactions will be halted for maintenance “for the Cardano Vasil hard fork.”
Originally intended for a June launch, the Vasil upgrade has seen its launch day twice rescheduled, most recently due to a bug discovered in Cardano’s prior node version which created incompatibility issues.
With an updated Vasil node in place, over 98% of mainnet blocks are now being created by the updated nodes, while the blockchain's top decentralized applications (DApps) have also confirmed their readiness, marking all three metrics needed for the upgrade go-ahead.
Hey #Cardano $ADA users!
— Ledger Support (@Ledger_Support) September 21, 2022
We're ready for the @Cardano Vasil upgrade tomorrow
No downtime is expected or further actions required, sit back, relax and enjoy the upgrade♀️
Any Comment
Onwards!
News of the upgrade has seen social media chatter about ADA increase by 35.16% over the past seven days from Sept. 19 according to market intelligence platform Santiment, third behind Ripple (XRP) and Ethereum (ETH).
#Crypto markets have obviously taken a big hit over the past week, but it's interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far 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 its Alonzo hard fork in September last year, which brought functionality for smart contracts for the first time. This upgrade aims to bring smart contract enhancements, reduced costs, and increased throughput on the network.
IOHK said one of the most significant upgrades brought by the fork is faster block creation as they can be transmitted without full validation.
The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who passed away in December 2021 due to a pulmonary embolism.
Currently, ADA’s price sits at $0.44 as per CoinGecko, down 3.4% over 24 hours and down over 85% from its $3.09 all-time high from Sept. 2nd, 2021.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.