October 6, 2022

Key Takeaways

  • Cardano’s Vasil upgrade is set to launch tomorrow.
  • Vasil is expected to bring improvements to make the blockchain more scalable and efficient and lower transaction costs.
  • Although the upgrade has suffered two delays, Cardano co-founder Charles Hoskinson has suggested that the project is on track for tomorrow’s launch.

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The upgrade will make Cardano more scalable and introduce several other improvements.

Cardano is waiting for Vasil

Cardano‘s Vasil hardfork is finally at hand.

The long-awaited Tier 1 block upgrade is set to will take place over five days, with the first round of upgrades scheduled for tomorrow and the second on September 27.

“We don’t expect there to be any problems, but there is no going back now,” he said Cardano co-founder Charles Hoskinson during broadcast live on September 18. “No amount of testing or anything else can save us because [the] the rocket is in the air. Either it explodes in the air or it gets into orbit, and obviously it will get into orbit.”

Vasil is set to improve several aspects of the Cardano blockchain. According to blog post from Cardano developer Input Output Hong Kong (IOHK), Vasil will enable applications built on Cardan to become “faster and more sophisticated,” making the blockchain easier to build while improving the user experience. It will also improve network scaling capabilities and lower transaction fees.

IOHK said Vasil Cardan’s “most significant update” to date. The hardfork was originally scheduled for June 29, but suffered two delays to allow for more testing and patching issues.

Last month, Cardano developer Adam Dean said that the blockchain test network did “catastrophically broken” due to compatibility issues with the current version of the blockchain client software. Dean suggested that the mistake may have been due to IOHK rushing to deploy Vasil. “If there was a ‘nuclear clock’ for Cardano, we would be dangerously close to ‘midnight,'” he wrote after revealing his discovery.

Cardano is one of the world’s largest blockchain networks with a market capitalization of over $15 billion, CoinGecko data. However, the network only holds $79.1 million in total locked value, it said Defi Llama data. That’s significantly less than competing projects like Ethereum ($30.87 billion), BNB Chain ($5.24 billion), Avalanche ($1.62 billion), and Solana ($1.28 billion). While Cardan fans will likely welcome the launch of Vasil, the network’s ADA token has been unresponsive ahead of the event. According to CoinGecko data, is currently trading at $0.44, down 0.4% in the last 24 hours. ADA is about 85.6% off its all-time high seen in September 2021.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.

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