The Cardano Vasil upgrade is set to take place in less than 24 hours on September 22nd, with the Cardano team noting that all three “critical mass indicators” needed to trigger the upgrade have now been met.
A September 21st Twitter update from the company behind Cardano, Input Output Hong Kong (IOHK), says that in the last 48 hours, 13 cryptocurrency exchanges have confirmed their readiness for the hard fork, representing more than 87% of Cardano’s (ADA) liquidity.
With this latest addition, we have met all 3 critical mass indicators:
39 exchanges upgraded (87.59% by liquidity)
Over 98% of mainnet blocks are now produced by node Vasil (1.35.3)
The best Cardano #DApps would TLV confirm that they have tested and are ready
— Input Output (@InputOutputHK) September 21, 2022
Of the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” in terms of its integration status, according to ecosystem readiness. page from IOHK.
However recent tweet Coinbase has already indicated that it will support the fork, stating that ADA transactions will be halted for the maintenance of the “Cardano Vasil hard fork”.
The Vasil upgrade, which was originally intended for the June market launch, got its due opening day rescheduled twicelast time due to a discovered bug in the previous version of the Cardano node that caused incompatibility issues.
With the Vasil node updated, over 98% of the mainnet blocks are now created by the updated nodes, while blockchain is on top decentralized applications (DApps) they also confirmed their readiness and flagged all three metrics needed to initiate the upgrade.
We are ready for @Cardano Vasil upgrade tomorrow
No downtime expected or additional actions required, sit back, relax and enjoy your upgrade♀️
— Ledger Support (@Ledger_Support) September 21, 2022
News of the upgrade saw chatter on social media about ADA increasing by 35.16% in the past seven days since September 19, according to 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 interest has shifted. $ETH, XRP$, $ADA, $MATICand $SHIB have increased in discussions, while most other assets are discussed much less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Once live, the update will be the most significant for the blockchain since its inception Alonzo hard fork in September of last year, which brought functionality for smart contracts for the first time. The goal of this upgrade is to bring improvements to smart contracts, lower costs and increase network throughput.
IOHK said that one of the most significant upgrades that the fork brings is faster block generation, as they can be transferred without full verification.
The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, Cardano community member and ambassador, who died in December 2021 of a pulmonary embolism.
Currently, the price of ADA is at $0.44 CoinGeckodown 3.4% in 24 hours and down more than 85% from its all-time high of $3.09 on September 2, 2021.