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Cardano Vasil hard fork ready to go: crypto exchanges make final preparations



 Currently 8 crypto exchanges, including Gate.io, MEXC, Bitrue, OKX, AscendEX and 5 of the largest decentralized exchanges (DEXs) are ready for the Cardano Vasil hard fork. This is one of the most significant upgrades to the Cardano ecosystem . Only when the most important exchanges are prepared for the upgrade can the hard fork be carried out.


The Cardano Foundation exchange integration team is currently working with crypto exchanges preparing for the Vasil upgrade. Exchange clients holding ADA on centralized exchanges are not significantly impacted by the hard fork.


The Cardano Foundation and Input Output Global support 25 crypto exchanges in integrating version 1.35.3 of the fork software required for the hard fork. These exchanges currently hold around 80% of the ADA liquidity and are therefore of great importance for the execution of the hard fork. The software components required by the exchanges are ready to use.


Cardano founder Charles Hoskinson announced the Vasil hard fork in early 2022 as part of this year's roadmap. During the Alonzo hard fork in 2021, the development team introduced smart contracts and decentralized apps ( dApps ). With the Vasil hard fork, the Cardano team wants to increase transaction throughput and script efficiency and reduce block latency.


What are the requirements for the Cardano Vasil hard fork?

In order for the Vasil hard fork to take place, 75% of the mainnet transaction blocks must be generated using node software version 1.35.3 . For this, 25 crypto exchanges have to upgrade their systems, and the 10 largest decentralized apps (measured by the total value of locked ADA tokens) are running on the “pre-production chain”.


The pre-production chain is not only adapted to the Cardano main chain, but also serves as a long-term test bed for Cardano dApps . Cardano dApps are first checked in the Vasil Devnet, then in the preview testnet and finally in the pre-production testnet. Only then are they ready for use on the mainnet.

At the time of writing this article, 94% of all mainnet transaction blocks were generated using Vasil Node software version 1.35.3. The first requirement for performing the hard fork has already been met . However, only three of the 12 crypto exchanges that hold the majority of ADA liquidity announced that their systems are ready for the hard fork : MEXC, Bitrue, and WhiteBit. The systems of the exchanges OKX, Gate.io, AscendEX, BtcTurk, Dex-Trade, and NDEX are also operational.


Also, only 5 of the top 10 decentralized applications on the pre-production chain have been tested: Dquadrant, Revuto, Aada Finance, Lending Pond, and Wingriders. As we reported recently, Aada Finance is the first decentralized application on Cardano that offers DeFi elements like borrowing and lending. Other dApps that are currently in the preparation phase are Minswap, SundaeSwap, MuesliSwap, ADAX Pro and VyFinance.


Coinbase and Binance are not ready yet

Along with the Vasil hard fork, Binance, Coinbase, and Kraken are preparing for the Ethereum merge, which officially started on September 7, 2022 with the Bellatrix upgrade. However, the three crypto exchanges needed even more time for the Vasil upgrade. At the time of writing this article, Binance is “almost done” with the hard fork upgrades. Coinbase, Kraken, Crypto .com and Upbit announced that preparations are currently “in progress”.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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