WITH THE COUNTDOWN NOW UNDER 24 HOURS FOR CARDANO’S MOST AMBITIOUS UPGRADE
The Cardano Vasil upgrade is set to take place in less than 24 hours on September 22nd, with the Cardano team noting that all three "critical mass indicators" needed to trigger the upgrade have now been met.
A September 21st Twitter update from the company behind Cardano, Input Output Hong Kong (IOHK), states that in the last 48 hours, 13 cryptocurrency exchanges have confirmed their readiness for the hard fork, representing more than 87% of Cardano's (ADA) liquidity.
Of the top exchanges for ADA liquidity, Coinbase is the only exchange listed as "in progress" in terms of its integration status, according to IOHK's ecosystem readiness page.
However, a recent tweet from Coinbase has already hinted that it will support the fork, stating that ADA transactions will be halted due to the maintenance of the "Cardano Vasil hard fork".
Originally intended for a June launch, the Vasil upgrade has been rescheduled twice, most recently due to a bug discovered in a previous Cardano node version that caused incompatibility issues.
With the updated Vasil node, more than 98% of the mainnet blocks are now created by the updated nodes, while the top decentralized blockchain applications (DApps) have also confirmed their readiness and marked all three metrics needed to start the upgrade.
News of the upgrade saw chatter on social media about the increase in ADA over the past seven days since September 19, according to the Santiment platform, third behind Ripple (XRP) and Ethereum (ETH).
Once live, the update will be the most significant for the blockchain since its Alonzo hard fork in September of last year, which first brought smart contract features. The goal of this upgrade is to bring improvements to smart contracts, lower costs and increase network throughput.
IOHK said that one of the most significant upgrades that the fork brings is faster block generation, as they can be transferred without full verification.
The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, Cardano community member and ambassador, who died in December 2021 of a pulmonary embolism.
Currently, the price of ADA is at $0.44 according to CoinGecko, down 3.4% in 24 hours and down more than 85% from its all-time high of $3.09 on September 2, 2021.