Cardano Vasil upgrade ready with all ‘critical mass indicators’ achieved

Cardano Vasil’s upgrade will take place in less time than 24 hours, with the Cardano team noting that all three “critical mass indicators” required to trigger the upgrade have been met.

Input Output Hong Kong (IOHK), the company behind Cardano, posted a Sept. 21 update to Twitter. It stated that within the last 48 hour, 13 cryptocurrency exchanges had confirmed they were ready for the hard fork. These exchanges represent over 87% of Cardano (ADA) liquidity.

We have now met all 3 critical mass indicators. 39 exchanges have been upgraded (87.59% by liquidity). More than 98% of mainnet block are being created by Vasil node (1.35.3). The top Cardano #DApps from TLV have confirmed that they have tested and are ready
— Input Output (@InputOutputHK) September 21, 2022

According to IOHK’s ecosystem readiness page, Coinbase is the only top-rated exchange for ADA liquidity.

Coinbase’s recent tweet indicated that it would support the fork. It stated that ADA transactions will be halted to maintain “the Cardano Vasil hardfork.”

Vasil was originally scheduled for June launch. However, it has been rescheduled twice since then, the most recent due to a bug in Cardano’s previous node version that caused incompatibility problems.

An updated Vasil node is now creating over 98% of the mainnet blocks. The top decentralized apps (DApps on the blockchain) have also confirmed that they are ready, marking all three metrics necessary for the upgrade.

Hey #Cardano $ADA users! We are ready for tomorrow’s @Cardano Vasil upgrade. No downtime or additional actions are expected. Sit back, relax, and enjoy the upgrade.
— Ledger Support (@Ledger_Support) September 21, 2022

According to market intelligence platform Santiment (third behind Ripple and Ethereum), social media buzz about the upgrade has increased by 35.16% in the seven days since Sept. 19, according to Santiment.

The #crypto markets have taken a huge hit in the last week. But it’s fascinating to see where social interest have changed. While discussions have increased about $ETH, $XRP and $ADA, as well as $MATIC and $SHIB, most assets are not being discussed as much. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— September 19, 2022, Santiment (@santimentfeed).

The upgrade, once it is live, will be the most significant for the blockchain since the Alonzo hardfork in September lastyear, which introduced smart contract functionality for the first time. This upgrade will bring smart contract enhancements and reduced costs to the network.

IOHK stated that one of the greatest upgrades to the fork was faster block creation, which can be transmitted without full validation.

Similar: Cardano surpasses Bitcoin in global top intimate brands report

Vasil is named for Vasil Stoyanov Dabv, an ambassador and Cardano community member who died in December 2021 from a pulmonary embolism.

ADA’s current price is $0.44 according to CoinGecko. This is down 3.4% in 24 hours and down more than 85% from its $3.09 high on Sept. 2, 2021.

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