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Cardano Vasil Hard Fork Ready With All Critical Mass Indicators

22 Sep 2022 By: Divya Behl
Cardano Vasil Hard F

The Cardano Vasil upgrade is scheduled to take place in less than 24 hours on September 22. 

The Cardano team notes that all three "critical mass indicators" required to trigger the upgrade have now been met.

According to a Sept. 21 Twitter update by Input Output Hong Kong (IOHK), the company behind Cardano, 13 cryptocurrency exchanges have confirmed their preparedness for the hard fork, representing over 87% of Cardano's liquidity.

Based on an ecosystem readiness page maintained by IOHK, Coinbase is the only exchange with an integration status of "in process" among the leading exchanges for ADA liquidity.

However, Coinbase has already indicated that it would support the fork. The firm said that the ADA transactions will be halted for maintenance on the Cardano Vasil hard fork.

The Vasil upgrade's launch date has been pushed back twice. The most recent was triggered by a flaw uncovered in Cardano's previous node version that caused interoperability concerns.

With an updated Vasil node in place, the updated nodes are currently creating over 98% of mainnet blocks. Meanwhile, the blockchain's top decentralized apps (DApps) have validated their readiness, marking all three criteria required for the update to proceed.

According to CoinGabbar statistics, social media chatter about ADA has increased by 35.16% in the last seven days following the upgrade.

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 update aims to enhance smart contracts, minimize expenses, and increase network speed.

IOHK said one of the most significant benefits of the fork is speedier block production because they may be transferred without complete validation.

The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who died due to pulmonary embolism in December 2021.

As per CoinGabbar statistics, the price of ADA is currently trading at $0.44, down 3.4% in the last 24 hours and down more than 85% from its all-time high of $3.09 on September 2nd, 2021.

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