December 8, 2022

Cardano Vasil’s 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” needed to start the upgrade have now been met.

A September 21 update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK) notes that in the past 48 hours, 13 cryptocurrency exchanges confirmed their readiness for a hard fork, representing more than 87% of Cardano (ADA) liquidity. ).

Among the largest exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” regarding its integration status, according to ecosystem readiness. page by IOHK.

However, the file tweet Coinbase has already hinted that it will support the fork, saying that ADA transactions will be halted for maintenance “for the Cardano Vasil hard fork.”

The Vasil upgrade was originally intended for a June launch, and its launch day has been rescheduled twice, most recently due to a bug discovered in Cardano’s previous node release that caused incompatibility issues.

With the updated Vasil node, more than 98% of the main network blocks are now generated by the updated nodes, while the best decentralized blockchain applications (DApps) have also confirmed their readiness, marking all three metrics needed to start the upgrade.

The news of the update saw social media talk about ADA increasing by 35.16% over the past seven days starting September 19 according to market information platform Santiment, which ranks third behind Ripple (XRP) and Ethereum (ETH).

Once launched, the upgrade will be the most significant in the blockchain since the Alonzo hard fork in September last year, which brought functionality to smart contracts for the first time. This upgrade aims to bring intelligent improvements to the nodes, reduce costs, and increase throughput on the network.

IOHK said one of the most important upgrades the fork brought was to create a faster block where it could be moved without full validation.

Related: Cardano outperforms bitcoin in top global intimate brands in new report

Vasil’s promotion is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who died in December 2021 of a pulmonary embolism.

Currently, ADA is priced at $0.44 as per Queen GekkoIt is down 3.4% over the 24-hour period and less than 85% from an all-time high of $3.09 since September 2, 2021.