With the Cardano Vasil upgrade scheduled to take place on September 22, the Cardano team has stated that all the necessary indicators required to comply with the upgrade have been complied with, as reported by Cointelegraph.
According to Cointelegraph, through a recent update on Twitter by the company backing Cardano, Input Output Hong Kong (IOHK) mentioned that within 48 hours, 13 cryptocurrency exchanges confirmed their readiness for the hard fork, with regard to 87% of Cardano’s (ADA) liquidity. Among all the exchanges which deals in ADA liquidity, Coinbase is considered the only exchange which is making progress regarding its integration status, as per an ecosystem readiness page by IOHK. However, a recent tweet by Coinbase has mentioned that it will support the fork, with ADA transactions reportedly going through maintenance for the Cardano Vasil hard fork.
On the basis of information by Cointelegraph, originally scheduled for a June launch, the Vasil upgrade got its lauch data rescheduled twice, recently on account of a bug found in Cardano’s prior node version which resulted in compatibility problems. An updated Vasil node has ensured over 98% of mainnet blocks being created by the updated nodes, while the blockchain’s top decentralised applications (dApps) have also given confirmation on their readiness. Due to upgrade-based updates, social media news on ADA went up by 35.16% over the past seven days, insights from market intelligence platform Santiment showed.
Moreover, Cointelegraph noted that the upgrade is expected to bring the advantages of smart contract enhancements, reduced costs, and increased throughput on the network. IOHK added that one of the upgrades brought by fork is faster block creation that has the potential to ensure transmission without full validation. Reportedly, the Vasil upgrade is named after late artist Vasil Stoyanov Dabov, a former Cardano community member and ambassador of the community.
(With insights from Cointelegraph)