- Crypto exchanges like Gate.io, BtcTurk, OKx, and WhiteBIT have shown their readiness for the Cardano Vasil upgrade on September 22.
- 94 percent of mainnet blocks have been created by the final Vasil node candidate (1.35.3).
In addition to the Ethereum Merge upgrade on September 15, another big event this month is the Vasil hardfork on the Cardano blockchain network. Cardano’s parent group Input Output Global has confirmed that four exchanges have shown their preparedness for the Vasil upgrade.
This includes exchanges like Gate.io, BtcTurk, OKx, and Whitebit. There is a possibility that more exchanges could extend their support in the coming weeks. Furthermore, IOG also revealed that the Vasil Friendly Nodes produced around 94 percent of the blocks.
The tweet from IOG reads: “SPO readiness: 94% of mainnet blocks being created by the final Vasil node candidate (1.35.3)”. The three important metrics currently tracked by Cardano’s parent group include:
- The percentage of mainnet blocks produced by the final node version. The Cardano team has already set the bar at 75 percent.
- The number of upgraded exchanges. For this, the Cardano team has set the bar at 25 representing about 80 percent of the liquidity.
- The upgrade of the top 10 dApps on the network in terms of the total value locked (TVL).
On Monday, September 5, the IOHK team declared that the network had already met the first requirement. Previously, the Vasil hardfork was supposed to launch on the Cardano blockchain by June end. However, it has been facing several delays over the last two months.
The Vasil hardfork on the Cardano blockchain seeks to “enhance the network’s performance by increasing throughput, script efficiency, and reducing latency in block transmission”.
Vasil Upgrade coming on September 22
Last week, Cardano founder Charles Hoskinson announced the new date of the Vasil hardfork as September 22. This is exactly a week after the Merge upgrade on the Ethereum blockchain.
Input Output Global (IOG), the research and development team of Cardano, made the declaration last week through its Twitter handle. This comes after the successful completion of the testing of all core components along with community readiness. The announcement reads:
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we, along can today announce September 22nd for the #Vasil upgrade on the #Cardano mainnet.
The Vasil upgrade will also bring enhancements to Plutus thereby allowing developers to create more powerful and efficient blockchain-based applications. While the exchanges have been preparing for the Vasil upgrade, users don’t need to take any action on their part.
“Thanks to #Cardano’s unique hard fork combinator, we anticipate a seamless technical transition, with no disruption for its users or a break in block production,” noted IOG.
Cardano’s native crypto ADA is showing strong optimism gaining over 13 percent on the weekly chart. As of press time, ADA is trading at a price of $0.51 with a market cap of $17.4 billion.