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Cardano Vasil Upgrade
Exchanges ready for the upgrade
A September 21 update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK) said that within the past 48 hours, 13 cryptocurrency exchanges have confirmed their readiness for the hard fork, which accounts for more than 87% of Cardano’s (ADA) liquidity.
Plus:@fmfw_io@kucoincom@BTSEcom@bequant_group@eToro@altcointradersa@exmo_com@WOOnetwork@HuobiGlobal@bitpanda
— Input Output (@InputOutputHK) September 21, 2022
Among the top exchanges in terms of ADA liquidity, Coinbase is the only exchange listed as “in progress” in regards to its integration status.
However, a recent tweet by Coinbase hinted that it would support the fork, saying ADA transactions would be paused for maintenance “for the Cardano Vasil hard fork.”
Originally scheduled to launch on May 6, the Vasil upgrade has been rescheduled twice, most recently due to a bug discovered in Cardano’s previous node version, which created incompatibility issues.
With an updated Vasil node in place, more than 98% of Mainnet blocks are currently generated by up-to-date nodes, while blockchain’s leading decentralized applications (DApps) have also confirmed their readiness, marking all three metrics needed for the upgrade process.
We're ready for the @Cardano Vasil upgrade tomorrow 😤
No downtime is expected or further actions required, sit back, relax and enjoy the upgrade🧘♀️
Any 🤔 Comment 👇
Onwards!
— Ledger Support (@Ledger_Support) September 21, 2022
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ADA price fluctuates sharply
News of the upgrade has sparked buzz on social media about the ADA’s 35.16% increase over the past seven days since September 19, ranking 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 interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
After its arrival, the upgrade will be the most significant upgrade of the blockchain since its Alonzo hard fork last September, bringing functionality to smart contracts for the first time.
IOHK says one of the most important upgrades brought about by the fork is faster block generation because they can be transmitted without full authentication.
The Vasil upgrade is named after the late Vasil artist Stoyanov Dabov, a Cardano community member and ambassador who passed away in December 2021 due to a pulmonary embolism.
Currently, the price of ADA is $0.44, down 3.4% in 24 hours and down more than 85% from its all-time high of $3.09 as of September 2, 2021.
