Cardano (ADA) Price Up 1.5%, Vasil Upgrade Scheduled for September 22
- The Cardano network has been developing towards a secure, fast, and affordable smart contract ecosystem.
- Dubbed the largest upgrade on the Cardano network, the Vasil upgrade has received huge backing from global cryptocurrency exchanges.
- Until everyone involved in the Cardano network is comfortable and ready, the IOG team will trigger the Vasil upgrade for the Cardano mainnet.
The Cardano (ADA) community is ready to compete with the Ethereum ecosystem through the long-awaited Vasil upgrade. Named after the late Bulgarian environmentalist, Vasil Stoyanov Dabov, the upgrade is expected to increase Cardano’s throughput. According to a series of tweets by IOHK, the company behind Cardano, the Vasil upgrade will take place on September 22, 2022.
Following the announcement, the Cardano coin ADA has gained approximately 1.5 percent to trade around $0.46 at publication time. The Cardano network has a market capitalization of approximately $15.8 billion with a 24-hour trading volume of around $578 million.
Cardano Ecosystem and the Vasil Upgrade
The Cardano network has been developing towards a secure, fast, and affordable smart contract ecosystem. Dubbed the largest upgrade on the ADA network, the Vasil upgrade has received huge backing from global cryptocurrency exchanges.
Among the cryptocurrency exchanges that are in line with the Vasil upgrade include Binance, Bitrue, Coinbase, and Upbit among others. However, some cryptocurrency exchanges like XT.com, OKcoin, Zipmex, and Newton among others have not begun the upgrade process.
Notably, for the Vasil upgrade to take place, there are set parameters to be achieved for the community and stakeholders to move on as one.
“Vasil is the most ambitious update program for Cardano to date. With such a complex upgrade with multiple stakeholders, we need to be confident the ecosystem is ready and prepared before any hard fork is triggered, IOHK noted in a blog post.
The three parameters that need to be attained include:
- 75 percent of mainnet blocks being created by the final Vasil node candidate (1.35.3)
- Approximately 25 exchanges upgraded, which represents 80 percent of ADA liquidity.
- Top 10 DApps by total value locked (TVL) need to confirm they have upgraded to 1.35.3 on PreProduction and are ready for mainnet.
Until everyone involved in the Cardano network is comfortable and ready, the IOG team will trigger the Vasil upgrade for the Cardano mainnet.
Following the Vasil upgrade, ADA holders using exchanges or wallets will not be adversely affected. However, Cardano users should expect certain delays or service disruptions.
While the Cardano network is readying for the Vasil upgrade, the Ethereum ecosystem is also expecting its largest upgrade dubbed the Merge. Cryptocurrency market analysts are closely watching the two events to see if they will trigger a renewed bullish sentiment.
Remember, Bitcoin is precariously hanging around $20k, and some analysts think the asset may dip to $10k soon. Nevertheless, the volatility towards the downside may be short-lived as more institutional and retail investors proliferate the cryptocurrency market.
According to our market data, Bitcoin is trading at around $19k, while Ethereum (ETH) is exchanging hands at $1,550.