The Cardano Vasil update is due to happen in less than 24 hours on September 22, and the Cardano team notes that all three “critical mass indicators” required to launch the update have now been met.
Input Output Hong Kong (IOHK) tweeted on Sept. 21 that 13 crypto exchanges have confirmed their willingness to hard fork over the past 48 hours, representing more than 87% of Cardano (ADA) liquidity.
With this latest addition, we’ve reached all three critical mass targets:
Upgraded 39 exchanges (87.59% liquidity)
Over 98% of mainnet blocks are now generated by the Vasil node (1.35.3).
Top Cardano #DApps by TLV Confirmed to be Tested and Ready
— I/O (@InputOutputHK) September 21, 2022
According to the IOHK Ecosystem Ready page, of the top exchanges by liquidity, ADA Coinbase is the only exchange listed as “in progress” regarding integration status.
However, a recent tweet by Coinbase has already hinted that it will support the fork, stating that ADA transactions will be stopped for maintenance “for the Cardano Vasil hard fork.”
Originally intended to launch in June, the launch day of the Vasil update has been pushed back twice, most recently due to a bug found in a previous version of the Cardano node that created incompatibility issues.
With the upgraded Vasil node, over 98% of mainnet blocks are now created by upgraded nodes, while the leading blockchain decentralized applications (DApps) have also confirmed their readiness, ticking all three metrics required for upgrade. forward.
Hello #Cardano $ADA users!
We are ready for tomorrow’s update @Cardano Vasil
No downtime or further action required, sit back, relax and enjoy the upgrade♀️
— Ledger Support (@Ledger_Support) September 21, 2022
News of the upgrade sparked discussion on social media about a 35.16% increase in ADA over the past seven days since September 19, according to market analytics platform Santiment, which ranks third behind Ripple (XRP) and Ethereum (ETH).
Cryptocurrency markets have clearly taken a big hit over the past week, but it’s interesting to see how social interests have changed. Discussions on $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased while most other assets are much less discussed. pic.twitter.com/c6FVIS90gG
— Sentiment (@santimentfeed) September 19, 2022
Once launched, the update will be the most significant for the blockchain since its Alonzo hard fork last September, which first brought functionality to smart contracts. This update aims to improve smart contracts, reduce costs and increase network bandwidth.
IOHK said that one of the most significant upgrades brought by the fork is faster block creation, as blocks can be transferred without being fully validated.
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The Vasil update 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.
The price of ADA is currently $0.44 according to CoinGecko, down 3.4% in 24 hours and more than 85% from its all-time high of $3.09 since September 2, 2021.