The Cardano Vasil upgrade will take place in less than 24 hours on September 22, with the Cardano team noting that all three “critical mass indicators” needed to activate the upgrade are now met.
A September 21 update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK) reports that in the past 48 hours, 13 cryptocurrency exchanges had confirmed their readiness for the hard fork, representing more than 87% of Cardano’s ( ADA) liquidity.
With this latest addition, we have met all 3 critical mass indicators:
39 exchanges upgraded (87.59% due to liquidity)
Over 98% of mainnet blocks are now created by the Vasil node (1.35.3)
The summit Cardano #DApps have confirmed by TLV that they have tested and are ready
— Input Output (@InputOutputHK) September 21, 2022
Of the top exchanges for ADA liquidity, Coinbase is the only exchange listed as “in progress” in terms of integration status, according to an ecosystem readiness page from IOHK.
However, a recent tweet Coinbase has already hinted that it will support the fork, saying ADA transactions will be halted for maintenance “for the Cardano Vasil hard fork.”
Originally intended for a June launch, the Vasil upgrade’s launch day has been rescheduled twice, most recently due to a bug discovered in Cardano’s earlier node version that caused incompatibility issues.
With an updated Vasil node, more than 98% of the mainnet blocks are now created by the updated nodes, while the blockchain’s main decentralized applications (DApps) have also confirmed their readiness, highlighting all three metrics needed before the upgrade.
We are ready for the @Cardano Vasil upgrade tomorrow
No downtime is expected or further actions required, just sit back, relax and enjoy the upgrade♀️
— Ledger Support (@Ledger_Support) September 21, 2022
According to market intelligence platform Santiment, third behind Ripple (XRP) and Ethereum (ETH), news of the upgrade on social media about ADA is up 35.16% in the past seven days as of September 19.
#crypto markets have clearly taken a big hit in the past week, but it’s interesting to see where societal interests have shifted. $ETH, $XRP, $ADA, $MATICand $SHIB have increased in discussions, while most other assets are discussed much less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Once live, the upgrade will be the most significant since the Alonzo hardfork in September last year, which first brought smart contract functionality. This upgrade aims to bring smart contract improvements, reduced costs and increased throughput to the network.
IOHK said one of the major upgrades to the fork is making blocks faster, as they can be shipped without full validation.
Related: Cardano Tops Bitcoin in Global Top Intimate Brands in New Report
The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, a Cardano community member and ambassador who died of a pulmonary embolism in December 2021.
Currently, ADA’s price is at $0.44 according to CoinGecko, down 3.4% in 24 hours and more than 85% below its all-time high of $3.09 as of September 2, 2021.