The Cardano’s Vasil upgrade is just round the corner, with less than 24 hours left in the countdown. According to the Cardano team, all three criteria required to deploy the eagerly anticipated Vasil upgrade have been satisfied.
13 cryptocurrency exchanges is ready for Vasil upgrade
Input Output Hong Kong (IOHK), the company that created Cardano, posted an update on Twitter on Wednesday stating that 13 cryptocurrency exchanges, representing more than 87% of Cardano’s (ADA) liquidity, had certified their readiness for the hard fork within the previous 48 hours.
According to an ecosystem readiness website by IOHK, Coinbase is the only exchange among the top exchanges for ADA liquidity that has its integration status labeled as under progress.
However, Coinbase just tweeted that it would support the fork, stating that ADA transactions would be suspended during the Cardano Vasil hard fork.
The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a bug in Cardano’s previous node version that caused interoperability problems.
The top decentralized applications (DApps) on the blockchain have also validated their preparedness, marking all three criteria required for the upgrade to proceed. After upgraded Vasil node put in place, over 98 percent of Mainnet blocks are being created by the upgraded nodes.
When it goes online, the upgrade will be the blockchain’s most important development since the Alonzo hard fork in September of last year, which enabled the smart contracts feature for the first time. This upgrade intends to improve smart contracts, lower costs, and increase network throughput.
Faster block production is one of the most significant improvements brought about by the fork, according to IOHK, because blocks can be transmitted without complete validation.
The Vasil upgrade is dedicated to and named after late artist Vasil Stoyanov Dabov who was a Cardano community member and ambassador. Sadly, Vasil Stoyanov Dabov passed away last December 2021 because of pulmonary embolism.