Cardano (ADA) Goes Skyward After September Vasil Hard Fork Confirmed

Key Takeaways:

  • Cardano’s hard fork will be taking place one week after the Ethereum Merge.
  • Vasil upgrade will bring enhancements to Plutus, Cardano’s smart contract platform.
Cardano (ADA) Goes Skyward After September Vasil Hard Fork Confirmed
Cardano’s Vasil Hard Fork upgrade is happening on September 22.

LAGOS (CoinChapter.com) — Input Output Hong Kong (IOHK), the company behind blockchain protocol Cardano has announced that the much anticipated Vasil hard fork is happening on September 22.

Vasil Upgrade Confirmed

In detail, after previously rescheduling the upgrade twice, Cardano has finally said the Vasil hard fork will happen this month. Notably, the upgrade will be taking place just one week after the Ethereum Merge scheduled for September 15.

IOHK via its official Twitter account noted that the Vasil upgrade is the most significant Cardano update to date. It said the rollout follows the successful completion and extensive testing of all core components, along with confirmed community readiness.

The blockchain firm noted that the hard fork will bring increased network capacity, scalability, and lower transactions fee. Cardano founder, Charles Hoskinson, on his YouTube vlog also expressed excitement about the upcoming upgrade. Hoskinson said:

“We started and knew that, over time, we could get to what Ethereum has done, but we understood a road map to get there. […] There’s a lot of things on the horizon, especially in 2023.”

Additionally, it is worth noting that the upgrade is named after Vasil Dabov, a Bulgarian member of the Cardano community who died in 2021.

Vasil Upgrade To Bring Enhancements To Plutus

Similarly, the upgrade according to Input Output will also bring enhancements to Plutus, Cardano’s smart contract platform. It will help developers to create more powerful and efficient blockchain-based applications, IOHK stated.

Notably, Plutus was introduced in the previous upgrade, named Alonzo, which took place in September 2021. Furthermore, IOHK pointed out that three necessary critical mass indicators for the upgrade have already been reached:

  1. 75% of mainnet blocks being created by the final Vasil node candidate (1.35.3)
  2. Approximately 25 exchanges upgraded (representing 80% of ada liquidity)
  3. Top 10 DApps by TVL confirming they have upgraded to 1.35.3 on PreProduction and are ready for mainnet.

ALSO READ: Cardano, Bitcoin surpass Google on top brand intimacy ranking

Vasil hard fork
Top exchange Vasil hard fork integration status. Source: IOHK

Additionally, IOHK revealed that more than half of the leading crypto exchanges are already ready for the Vasil upgrade. It added that DApp developers also need to be prepared for upgrade, saying “IOHK is working closely with several projects across the ecosystem to improve the blockchain space.”

Cardano’s ADA token Price Surges

Meanwhile, following the Vasil hard fork announcement Cardano’s ADA token price has surged by almost 15% in the last 7 days, according to data from Coingecko.

Cardano’s ADA token Price Surges
ADA/USDT daily price chart. Source: TradingView

Notably, the token has been flashing huge bullish signals while the most of entire crypto market continues to struggle to recover from the recent downtrend. ADA market cap in the last seven days has gained almost $2 billion and currently stands at $16.8 billion.

Presently, the asset seems to be preparing to rise above the $1 mark before the Cardano Vasil gard fork. However, despite the recent growth, the token is still 85% down from its all-time high attained last year.

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Cardano, Cardano (ADA) Goes Skyward After September Vasil Hard Fork Confirmed

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