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), stated that in the last 48 hours, 13 cryptocurrency exchanges have confirmed their willingness to hard fork, representing over 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)
More than 98% of grid blocks are now created by Vasil node (1.35.3)
The ultimate Cardano #DApps by TLV have confirmed that they are tested and 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 integration status, according to ecosystem readiness page from IOHK.
However, recently tweet Coinbase has already hinted that it will support the fork, saying that ADA transactions will be halted due to maintenance “for the Cardano Vasil hard fork.”
Originally intended to launch in June, the Vasil upgrade has had its launch date pushed back twice, the last time due to a bug discovered in Cardano’s previous node version that created incompatibility issues.
With the updated Vasil node in place, over 98% of mainnet blocks are now being created by the updated nodes, while major decentralized blockchain applications (DApps) have also confirmed their readiness, marking all three metrics required for the upgrade.
We are ready for @Cardano Vasil upgrade tomorrow
No downtime is expected and no further action is required, sit back, relax and enjoy the upgrade♀️
— Ledger Support (@Ledger_Support) September 21, 2022
News of the upgrade led to chatter on social media with ADA up 35.16% in the past seven days since September 19 according to market intelligence 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 goods are discussed much less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Once live, the upgrade will be the most significant for the blockchain since its Alonzo hard fork last September, which brought smart contract functionality for the first time. This upgrade 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 the faster creation of blocks as they can be transferred without full validation.
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The Vasil upgrade is named after the late artist Vasil Stojanov Dabov, a Cardano community member and ambassador who died in December 2021 of a pulmonary embolism.
Currently, ADA’s price is $0.44 CoinGeckodown 3.4% in 24 hours and over 85% from its high of $3.09 since September 2, 2021.