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Cardano Vasil: Upgrade ready and all "critical mass indicators" met

 


The Cardano upgrade Vasil will take place on Thursday. The Cardano team stated that all three "critical mass indicators" needed to trigger the upgrade are now met.


In an update Wednesday on Twitter from the company behind Cardano, Input Output Hong Kong (IOHK), 13 cryptocurrency exchanges have confirmed their readiness for the hard fork within the last 48 hours. These account for over 87 percent of Cardano ( ADA ) liquidity.



Among the top exchanges that provide liquidity for ADA, Coinbase is the only exchange that is on "work in progress" status. That's according to data from an IOHK website that provides an overview of ecosystem readiness.


Coinbase recently said on Twitter that the exchange would support the fork. It said ADA transactions will be halted as part of a maintenance “for the Cardano Vasil hard fork.”


Originally, the Vasil upgrade was supposed to come out in June, but the launch was delayed twice . Most recently because of a bug discovered in the previous Node version of Cardano that caused incompatibility issues.


After updating the Vasil node, over 98 percent of mainnet blocks are now generated by the updated nodes . The best-known decentralized applications (DApps) of the blockchain have also confirmed their readiness. This satisfies the three required criteria for the upgrade. 



According to market research platform Santiment, news of the upgrade has caused ADA to be a topic of conversation on social media for the past seven days since Monday. Mentions increased by 35.16 percent. This puts the network in third place behind Ripple and Ethereum.



This upgrade is the most significant upgrade to the blockchain since the Alonzo hard fork last September. The latest upgrade introduced smart contract capabilities for the first time. This upgrade aims to improve smart contracts, reduce costs and increase network throughput.


According to IOHK, one of the key improvements the fork brings is that blocks are created faster as they can be transferred without a full validation.


In this context: Cardano outperforms Bitcoin in the ranking of the world's largest brands


The Vasil upgrade is named after the late artist Vasil Stoyanov Dabow. He was a member and ambassador of the Cardano community and died of a pulmonary embolism in December 2021.


Currently, according to CoinGecko, the ADA rate is $0.44, down 3.4 percent in the past 24 hours. That's down over 85 percent from the all-time high of $3.09 set on Sept. 2, 2021.

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