The Cardano Vasil upgrade is scheduled for September 22nd in less than 24 hours, and the Cardano team noted that all three “critical mass metrics” needed to trigger the upgrade are now met.
In a Sept. 21 update on Twitter, the company behind Cardano, Input Output Hong Kong (IOHK) said that in the past 48 hours, 13 cryptocurrency exchanges have confirmed that they are ready for a hard fork, accounting for Cardano (ADA) more than 87% of liquidity.
With this latest addition, we’ve met all 3 critical mass metrics:
39 exchanges were upgraded (87.59% by liquidity)
Over 98% of mainnet blocks are now created by Vasil nodes (1.35.3)
Top Cardano #DApps TLV has confirmed they are tested and ready
— Input Output (@InputOutputHK) September 21, 2022
Among the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” in terms of integration status based on ecosystem readiness Page Provided by IOHK.
However, the most recent one tweet Coinbase has already hinted that it will support the fork, saying that ADA trading will be suspended for maintenance on the “Cardano Vasil hard fork.”
Originally intended for a June release, the Vasil upgrade has seen its release date rescheduled twice, most recently due to a bug found in Cardano’s previous node version that caused an incompatibility issue.
With updated Vasil nodes in place, over 98% of mainnet blocks are now created by updated nodes, and the blockchain’s top decentralized applications (DApps) have also confirmed their readiness, marking what is needed for the upgrade All three metrics.
We are ready @Cardano Vasil upgrade tomorrow
No downtime and no further action needed, just sit back and relax and enjoy the upgrade ♀️
— Ledger Support (@Ledger_Support) September 21, 2022
According to market intelligence platform Santiment, in the past seven days from Sept. 19, news of the upgrade has seen a 35.16% increase in ADA discussions on social media, second only to Ripple (XRP) and Ethereum (ETH).
#cryptocurrency Markets have clearly been battered over the past week, but it will be interesting to see how social interests have shifted. $ETH, $Ripple, USD ADA, $MATICand $SHIB Discussions have increased, while most other assets have been much less discussed. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Once live, the upgrade will be the blockchain’s most significant since Alonzo’s hard fork last September, which brought functionality to smart contracts for the first time. The upgrade is designed to enhance smart contracts, reduce costs and increase network throughput.
IOHK said that one of the most significant upgrades brought about by the fork is faster block creation, as they can be transferred without full verification.
related: Cardano Outranks Bitcoin Among Top Global Private Brands in New Report
Vasil Upgrade is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who passed away in December 2021 from a pulmonary embolism.
Currently, the price of ADA is $0.44 Coin Tigerdown 3.4% in 24 hours and down more than 85% from its all-time high of $3.09 since Sept. 2, 2021.