The Vasil update is activated
After months of delays, the Cardano Vasil upgrade and hard fork finally went live at 9:44 pm UTC on September 23, bringing improvements in performance and integration capabilities to the blockchain.
#Vasil mainnet HFC event successful!🍾
We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
— Input Output (@InputOutputHK) September 22, 2022
Bill Barhydt, founder of cryptocurrency trading platform Abra called the upgrade a “big win for developers.” Decentralized finance platform Genius Yield tweeted that this is “one of the most complex and consequential upgrades to the Cardano network ever done.”
Congrats to Cardano ($ADA) team on Vasil hardfork. More hard work in crypto paying off.
Making UTXO's and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done!
— Bill Barhydt (@billbarhydt) September 22, 2022
Changes after Vasil hard fork
Block aggregation and transaction validation will be simplified, reducing transaction processing time, allowing for faster block creation. Upgrading Plutus smart contracts also allows decentralized applications to deploy and run at a lower cost.
The new features brought by Plutus will be available to developers on the Mainnet on September 27.
The date for the upgrade was announced by IOHK in early September, while “critical mass indicators” needed to trigger the hard fork were reached in the 24 hours leading up to the event.
Following the Vasil upgrade, Cardano is continuing to develop its layer 2 scaling solution, the Hydra protocol, which processes transactions off the Cardano blockchain while still using it as a layer of security and payments.
The latest update on Hydra from 9/16 detailed the issue resolved with Hydra nodes. The protocol is intended to launch in late 2022 or the first quarter of 2023.
ADA price after Vasil hard fork
The announcement of the successful launch has caused ADA coin price to rise nearly 4% over the past 24 hours to $0.46 according to Ecoinomic.io data, although it is still down more than 4.5% for the week.