Cardano’s breakthrough has arrived, as the lengthy Vasil hard fork is set to go live today after a long wait.
Whales Capitalize on Upgrades
Whales appear ready for the big event. Reports indicate that they have been accumulating ADA tokens in a last-minute scramble. As per WhaleStats data, ADA is among the top 10 most sought-after tokens by the 100 BSC whales. This happened just hours before the Vasil Hard Fork Upgrade.
Furthermore, September 22 marks a turning point for the Cardano network as the Vasil upgrade is scheduled for 21:44 UTC.
Meanwhile, the largest crypto exchange, Binance, has stated its support for the Vasil upgrade. The update will occur in two stages, at epochs 365 and 366, respectively.
A statement from Cardano shows that the Vasil network will be upgraded at epoch 365, equivalent to 9:45 p.m. (UTC). Moreover, deposits and withdrawals on the Cardano platform will be suspended before the update.
On the other hand, the Plutus V2 Cost Model system update will occur at epoch 366 or on September 27 at 9:45 p.m. (UTC). In this scenario, ADA deposits and withdrawals will be interrupted beginning around September 27 at 8:45 p.m. (UTC).
A New Beginning With Vasil
Vasil will release an updated version of Plutus, the network’s native smart contract language. The Cardano Foundation and the IOG (Cardano’s blockchain developer) have been working around the clock to prepare for the upgrade.
Many in the cryptocurrency industry believe the Vasil Hard Fork will usher in a new era for the platform. Plutus V2 is expected to go live the following week after Vasil has been underway for a few days.
The complex revamps on Cardano’s ledger will enable the scripting contract system to adopt input and unspent transaction outputs (UTXO). This would reduce transaction lengths that previously caused latency on the Cardano network.
Cardano’s technical director, Matthias Benkort, simplified the complex process by adding that it would help improve security.
Will the Vasil Hard Fork Improve Cardano’s Blockchain?
Cardano’s scaling will mean much to its community as the eighth largest cryptocurrency by market valuation.
Not only will the network get to improve its overall efficiency, but the Vasil upgrade will also be a win for decentralized applications (dApp) ecosystems. The Cardano community is pumped up for what is to come after the upgrade.
With the hard fork upgrade, Cardano is on the verge of radically changing its network’s protocol. Changes like low transaction fees, scalability, and transaction speeds are expected.
In the meantime, about three crypto exchanges have already moved to the Vasil hard fork. Moreover, over 20 more are waiting on the sidelines to upgrade to the Vasil hard fork. According to Charles Hoskinson, the next action phase is onboarding crypto exchanges.
The upgrade has pushed Cardano to the center of attention once again. More industry players are looking to stake their funds in the burgeoning network.
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