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Vasil Hard fork

Cardano’s ambitious upgrade set to launch

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The Cardano team reports that all three “critical mass indications” required to start the upgrade have now been satisfied, and the Cardano Vasil update is scheduled to happen in less than 24 hours on September 22.

Input Output Hong Kong (IOHK), the company that created Cardano, announced on Twitter on September 21 that 13 cryptocurrency exchanges have indicated they were prepared for the hard fork within the previous 48 hours, accounting for more than 87% of Cardano’s (ADA) liquidity.

According to an ecosystem readiness website by IOHK, Coinbase is the only exchange among the top exchanges for ADA liquidity that has its integration status labeled as “in process.”

But Coinbase recently signaled in a tweet that it will support the fork, noting that ADA transactions would be suspended “during the Cardano Vasil hard fork.”

The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a flaw in Cardano’s previous node version that caused interoperability problems.

Cardano Vasil hardfork gains more support

The top decentralized applications (DApps) on the blockchain have also validated their readiness, marking all three criteria required for the upgrade to proceed. With an upgraded Vasil node in place, over 98% of mainnet blocks are currently being created by the updated nodes.

According to market intelligence platform Santiment, social media talk about ADA has increased by 35.16% over the previous seven days following news of the upgrade, coming in third place behind Ripple (XRP) and Ethereum (ETH).

When it goes online, the upgrade will be the blockchain’s most important development since the Alonzo hard fork in September of last year, which enabled smart contracts’ first-ever functioning. The goal of this improvement is to improve smart contracts while lowering expenses and boosting network capacity.

Faster block production is one of the most significant improvements brought about by the fork, according to IOHK, because blocks can be sent without complete validation.

The Vasil upgrade bears the name of the late artist and Cardano ambassador Vasil Stoyanov Dabov, who passed away in December 2021 from a pulmonary embolism.

Furthermore, at the time of press, ADA was priced at $0.443889 and had taken a plunge of 0.5% over the last 24 hours.

Cardano’s New Vasil “Capabilities” Will Become Available On Sept 27

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Cardano’s long-awaited Vasil Update is now only a few hours away which promises to enhance smart contract capabilities, increase the chain’s throughput and reduce costs. In its most recent tweet, the blockchain R&D company IOHK described what to anticipate after the hard fork.

Vasil is a component of the third development cycle for Cardano. The fork is named after notable Cardano community member and Bulgarian mathematician Vasil Dabov.

Interestingly the update arrives in the month of ADA’s fifth anniversary which it claims would significantly improve the PoS network’s capabilities.

First, the blog talks about the native smart contract language called Plutus. As the core component of Cardano, Plutus is tasked to segregate the on-chain transaction validation from the off-chain code that powers smart contracts. This off-chain code runs on a user’s computer.

The new Plutus v2 features will be accessible one epoch following the hard fork on Thursday, which is anticipated to take place on September 27, the thread read.

Other enhancements post-Vasil will include “diffusion pipelining,” a technique that scales up block propagation times leading to higher throughput. The goal of this upgrade is to ensure that blocks can be shared [propagated] in the network within five seconds after their creation.

According to the blog post, this scaling enhancement will speed up the process of communicating information about newly formed blocks among network participants. It also provides more space for block size and together with Plutus script improvements, creates a more scalable setting overall.

Cardano’s DeFi TVL Grew By A Whopping 565,000%

Data from DeFi data tracker DefiLlama suggested that Aada Finance, a noncustodial lending protocol on the Cardano mainnet, recently tapped a staggering growth in Total Value Locked [TVL]. As per reports, Aada Finance recorded a growth of 565,873% over the past week.

After months of open testnet use, Aada Finance, a groundbreaking platform that enables lending and borrowing of native Cardano assets, went live on the mainnet exactly a week ago, on September 13.

The lending platform asserts that the pre-Vasil hard fork sentiment exactly matches the debut of the V1 protocol, which is why it decided to do so before the much-awaited upgrade.

Cardano’s Charles Hoskinson: “Rocket Is In The Air”

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The Cardano network has reached the end of the Vasil update, according to founder Charles Hoskinson in his latest tweet.

Hoskinson revealed that a proposal was recently created and acknowledged for the hard fork commentator, which was then successfully authorized in a video that was released to Twitter. He stated that this marks the onset of the “Vasil era” for the Cardano network.

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Cardano's Charles Hoskinson: "Rocket Is In The Air" 2

Hoskinson claimed that the automated procedure to distribute the Vasil upgrade has begun and will take around 5 days to complete. Given that the procedure was started on September 17, the Vasil improvements will take effect on September 22.

The Cardano co-founder compared the procedure to launch a rocket ship and said the team would have to wait to see whether it was successful or not. He continued, “There is no turning back.”

After the switch to the new state is complete, some of the new features that will be added to the PoS network will go live right away, while others will take about 5 days to take effect. No issues are anticipated, according to the Cardano team.

Cardano’s Token Biggest Price Dip In A Single Day

Recently the IOG founder called Ethereum resembling the Hotel California of the cryptocurrency world, for catering to the wealthy and those who can afford to buy expensive specialized hardware, TronWeekly reported.

According to Hoskinson, Ethereum’s implementation of the Proof-of-Stake consensus protocol was flawed as it restricted investors to access their staked ETH.

On the other hand, Cardano’s PoS does not require having users’ ADA locked. As a result, in this case, the “needs of users” are given precedence above stakeholder needs, he claimed.

The founder further said that everyone can stake its PoS protocol; one does not need to be affluent to do so. He underlined that this is a key area where Ethereum and Cardano differ.

In terms of price, Cardano’s ADA was down 10.02% on the day at $0.43 on 19 Sept. Since Friday, August 19, 2022, it was the biggest percentage point drop in a single day.

ADA’s market cap decreased due to the negative movement to $15 billion, or 1.65% of the overall market cap of cryptocurrencies. The market cap of the token peaked at $94.8 billion.

Cardano’s Net Inflows Hit $400K In A Week-Report

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Cardano witnessed a steep spike in its net inflows, a fourfold increase over the course of a week, as per a report published by digital asset management firm CoinShares.

The weekly funds flow on the PoS blockchain totaled $400,000 and $14.1 million on a monthly and annual basis, respectively.

Exchange inflow is the rate at which the amount of coin is deposited into the exchange wallets. The latest surge before the much-awaited Vasil hard fork reflects investors’ desire to trade.

In addition to that, the asset is one of the only cryptocurrencies with a positive fund flow balance.

With regards to other altcoins, XRP and Solana [SOL], have lesser inflows compared to Cardano

As for the largest crypto asset, Bitcoin outflows totaled $13 million, while short-bitcoin investment products saw inflows reaching $11 million highlighting continued negative sentiment.

Ethereum, on the other hand, saw outflows, totaling $62 million last week.

“This comes despite the improved certainty of the Merge [expected to be on or around 15th September] and perhaps highlights a concern amongst investors that the event might not go as planned”, the report read.

Cardano Builder Input Output [IOG]’s Latest Update

95% of blocks were already arriving from 1.35.3 nodes as of September 12th. It is worth recalling that version 1.35.3 was selected as the final candidate for the Vasil hard fork, and the network had to proceed with the upgrade in order to meet the 75% requirement.

The majority of the largest exchanges by liquidity have either integrated Vasil or started preparing for the high-stakes upgrade. This includes such big names as Binance and Coinbase.

Meanwhile, ChangellyPRO and ZB.com are the only top 12 exchanges by liquidity that haven’t started integrating the upgrade.

Others such as Zipmex, CEX.io, CoinDCX, and Coinbase Pro are among those exchanges that are yet to get on board.

The much-anticipated Cardano upgrade, named after the late honorary community member Vasil Dabov, has been scheduled to go live on Sept. 22. All of the top DeFi projects by total value locked [TVL] for decentralized applications have either begun testing version 1.35.3 in pre-production or have already done so.

Cardano’s Vasil Hard Fork Marks Notable Progress

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Input Output, a Cardano developer, has made considerable strides toward the highly awaited Vasil hard fork. A staggering 95% of blocks are now originating from 1.35.3 nodes as of Monday.

The network had to proceed with the upgrade in order to meet the 75% requirement, and version 1.35.3 was picked as the last node candidate for the Vasil hard fork.

By Sept. 12, the vast majority of the most liquid exchanges had either integrated Vasil or begun putting together their high-stakes upgrading plans. Giants like Binance and Coinbase are included in this.

The only top 12 exchanges by liquidity that haven’t started implementing the update are ChangellyPRO and ZB.com. Among the exchanges that haven’t joined the bandwagon are Zipmex, CEX.io, CoinDCX, and Coinbase Pro.

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Cardano’s Vasil Hard Fork Marks Notable Progress 4

Cardano projects have increased at a staggering level

Since 2022, there have been more than five times as many projects built on the Cardano network. IOG’s most recent statistics show that 1,093 projects are actively utilizing Cardano in their construction.

On Cardano, 94 projects have been started, whereas there are 3,196 Plutus scripts. Over six million native tokens have already been created on the Cardano network using 61,314 different minting strategies.

The number increased to 199 in January of this year, at which point ADA founder Charles Hoskinson asked, “Who wants to be project 200?.” As of now, more than a thousand projects are being developed on the Cardano network.

The much-awaited improvement, which bears Vasil Dabov’s name, was planned to launch on September 22. All of the major DeFi projects by total value locked for decentralized apps have either begun testing release 1.35.3 in pre-production or have already done so.

By market capitalization, ADA is now ranked eighth, below XRP and Binance USD (BUSD). According to statistics from CoinMarketCap, it is presently trading at $0.5017 on significant spot markets.

Cardano To Arrive In World’s No 1 NFT & DeFi DApp Store

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Cardano to soon land in the world’s leading dApp analytics platform DappRadar. Announcing the same via Twitter, the Lithuania-based service, urged developers who are working on Cardano to submit their contracts.

“Cardano Dapp developers should submit only bech32 format contracts and treasury accounts where they receive their tokens/fees,” the announcement read.

The team also attached sample links of valid contracts as well as token accounts otherwise errors could lead to rejection in the application process.

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Cardano To Arrive In World's No 1 NFT & DeFi DApp Store 7

Launched in 2018, the platform led by CEO Skirmantas Januskas hosts close to 12150 dapps from over 48 protocols and boasts of 1 million monthly users across the globe that uses its platform for discovering dapps and managing their NFT/DeFi portfolios.

The news comes after Cardano overtook XRP to rank 7th in the global market cap. With that, the popular proof-of-stake blockchain has become the seventh largest cryptocurrency, with a market cap of $16.6 billion, while XRP’s market cap stood at $16 billion.

Cardano Network Has Tapped Peak Performance of 99.7%

The latest milestone is an outcome of the positive sentiment among investors with regard to the much-awaited Vasil hard fork, and exchange listings.

The other day, a Cardano community member Rick McCracken DIGI, who is also a stake pool operator, shared that the network has hit a peak performance of 99.77% when it synced for Vasil node candidate 1.35.3 across the 400 + reporting nodes.

“My normal observations have typically been 97 to 99%”, he added.

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Cardano To Arrive In World's No 1 NFT & DeFi DApp Store 8

Vasil hard fork is heavily dependent on the majority of block-producing nodes running the latest 1.35.3 version. To activate the upgrade, Cardano developer IOG has set a target of 75% of mainnet blocks being created by the final Vasil node candidate.

At present, this metric has surpassed the target and met with more than 87% of the block percentage.

The Vasil upgrade is a part of the Basho phase of the Cardano roadmap that focuses on scaling and network and ledger optimization.

This is expected to bring significant improvements using the hard fork combinator [HFC] approach and ramp up the network’s performance by increasing throughput, script efficiency, and reducing latency in block transmission.

As of now, multiple stakeholders, including SPOs, exchanges, and dApp projects, are upgrading their nodes and testing their code and other Cardano components ahead of the event scheduled for this month.

Cardano’s Vasil Hard Fork Date Has Arrived, Less Than 3 Weeks Away

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Cardano founder Charles Hoskinson along with its developer IOG has finally announced the highly anticipated Vasil date on the mainnet. After extensive testing of all core components, and with the community readiness, the release date is set as Sept 22.

The upgrade is expected to bring enhancements to Plutus to enable devs to create more powerful and efficient blockchain-based applications.

IOG also stated that in the past 24 hours, members of the SPO and Dapp communities have expressed confidence in the readiness for the hard fork on the scheduled date.

Further in the series of tweets, the Cardano team said that is monitoring all the above metrics, thus making it possible to hand out an official launch date of the hard fork.      

We’ve been tracking well against all three metrics we & cardanostiftung set for launch: 75% mainnet blocks being created by the final Vasil node candidate (1.35.3). Approx. 25 exchanges upgraded (c. 80% of ada liquidity). Top 10 DApps by TVL confirming readiness.

Founder Hoskinson who appeared in the video podcast stated that the release date coincides with Bulgaria’s independence day which coincidentally is the country the late venerable member Vasil Dabov belongs to.

Just a few days ago, he said that things are moving very quickly and hinted that if everything went well, September would be the most probable month for the launch date.

Hoskinson recently was locked in a verbal exchange with a Twitter user who said that the founder was being “ignorant” for believing that destroying ADA would mean destroying Cardano fans’ property.

Cardano’s Charles Hoskinson, “There is no magic reserve of Ada floating out there”

Hoskinson then retorted by saying there is no “magic reserve of Ada floating out there”. And that its tokens are in the hands of owners and actual people. “To burn it would require it be taken from them and destroyed.”

When asked to elaborate by another user, he explained that founders of other projects sometimes keep a stock of pre-mined coins. During periods of lower liquidity, they control and destroy to manipulate their token’s price. But, he stressed that Cardano does not control any amounts of ADA.

Cardano Founder On Vasil, “Things Are Moving Along Very Quickly”

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Cardano founder Charles Hoskinson apprised the community of the latest happenings surrounding the the Vasil hard fork upgrade. Speaking via video broadcast on Aug 26, Hoskinson said things are moving along very quickly and if everything goes well without any hitches, the hard fork is most likely to happen in September.

He also revealed that IOHK will work with the Cardano community to set a date for the Vasil hard fork. Also, the team will have a meeting with the Stake Pool Operators [SPO] to get an update on preparations on their side.

He then informed that extensive testing of the 1.35.3 node are being undertaken by both developers and the community with integration and infrastructure looking healthy. Apart from a few minor bugs, there has been no major bugs so far, Hoskinson said.

In addition to that, there would be meetings held with SPOs with regards to preparations for the Vasil hard fork. Also, exchanges will be pushed to upgrade to 1.35.3 to provide liquidity.

Input Output Hong Kong (IOHK), the blockchain firm behind the Cardano network would announced the fork date after the top 5 biggest crypto exchanges by volume completes upgrading to 1.35.3 and top dApps run successful tests against node 1.35.3.

Binance recently announced upgrading to 1.35.3. Notably, the exchange make up 30%-40% of the Cardano trade volume.

IOHK also double down on the upcoming upgrade by saying that the fork is “ever closer” after revealing the details of three crucial indicators that will trigger the mainnet update. 

Cardano research wing shared updates on 3 key indicators

According to the Twitter thread posted on 25 Aug, IOHK shared the latest “rollout status” with updates on “three critical mass indicators,” that will play a important role on the time of the mainnet update.

This includes having 75% of mainnet blocks produced by nodes running 1.35.3, nearly 25 exchanges have upgraded [representing 80% of liquidity] and the top ten decentralized applications [DApps] also having upgraded.

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Cardano Founder On Vasil, "Things Are Moving Along Very Quickly" 10

The blockchain firm also noted that Stake Pool Operators [SPOs] running the latest node 1.35.3 now account for 42% of mainnet block production in the current epoch, which is now more than halfway to the 75% required.

Cardano takes the ‘glass half full’ route to the Vasil upgrade

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Recent testnet problems with Cardano were shaking social media. In the midst of the chaos, 36% of stake pool operators (SPOs) have updated their nodes to version 1.35.3, which was released last week, according to statistics given by PoolTool.

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Source: PoolTool

The next Vasil hard fork upgrade will use the thoroughly tested version. Before the much anticipated update occurs, 75% of SPOs must upgrade their nodes.

Additionally, to guarantee a significant amount of liquidity, Input Output must onboard at least 25 cryptocurrency exchanges prior to the mainnet launch. Before Vasil is implemented, the decentralised development community for Cardano must come together in support of it. Recent community conversations have been driven by worries regarding Cardano’s testnet as a result of a critical Twitter thread sent by an ecosystem developer.

Charles Hoskinson of Input Output assured investors that there were no quality problems with the Vasil upgrade during a recent live stream. Most recently, Hoskinson expressed the opinion that conversations about intricate technological issues should be avoided on social media. Technical issues have caused the Vasil upgrade to be repeatedly delayed from its first planned launch on mainnet in early June. It is anticipated that the ambitious upgrade will significantly improve Cardano’s scaling capabilities.

Cardano Alonzo update

Smart contracts are now possible thanks to Cardano’s Alonzo hard fork, which was introduced in September.

The Alonzo upgrade, which brought smart contracts technology to the network, has been finished on the third-largest blockchain in the world. The use of the technology has made it easier for Cardano (ADA) to create a variety of financial applications. By employing predictable transaction costs, the blockchain has been proactively addressing the key problems associated with blockchain competition.

The majority of blockchain developers who have worked on the technology have said that it changed the game at the time it was first presented. From that point forward, developers working with a centralized application running on dedicated servers could create decentralized apps on the blockchain without having to compromise on security. However, at the time of writing, Cardano (ADA) seems to have underperformed due to the frivolous testnet confusion and is currently priced at $0.460802.

Vasil Update: Cardano Founder Frustrated Over “Fragmented Approach”

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Founder of the Cardano ecosystem Charles Hoskinson took to Twitter to vent his frustration over fud reports following the testnet fiasco. It needs to be reminded that one of the leading developers Adam Dean warned that the blockchain’s testnet is “catastrophically broken” blaming it on the team’s rush to launch the Vasil hard fork upgrade.

In Aug, Cardano stake pool operators discovered a critical bug in the latest version of the blockchain’s client software. This rendered the Layer 1 blockchain’s testnet incompatible and incapable of supporting the newest client software.

Input Output, the research wing behind the ecosystem had reassured pool operators that Cardano Node version 1.34.2 had been heavily tested and was ready for deployment.

After the bug was detected, Cardano released a new node, 1.35.3, earlier this week but it failed to sync with the original testnet and is presently running on two new testnets without any block history.

Dean cautioned against the “rush” to deploy the Vasil upgrade and that it is making him nervous. Mincing no words, he then went on to say that the blockchain could have faced a catastrophe if the community didn’t catch the bugs in time. 

While IOHK chose to remain silent on the latest developments, Hoskinson reiterated that the code had been thoroughly tested for months, including the network’s stake pool operators [SPOs]. And that the vulnerability in 1.35.2 was fixed in version 1.35.3, which was released following the discovery of the bug.

Despite several assurances, the developer’s comment sparked a wildfire with FUD news cropping up across social. This did not go down well with Hoskinson who was apparently miffed over the way things were handled,

I’m personally deeply frustrated that we don’t have a members-based organization to represent the needs and desires of the community. I would have done things dramatically differently with my current knowledge had I gotten a do-over. It’s being fixed now, but it takes time.

The founder then rued that having a fragmented approach to ecosystem development and the absence of accountability structures outside of catalyst could act as a roadblock for sustainable adoption.

Cardano Founder-” There would be an extensive Vasil post-mortem “

Acknowledging that the events like this are “teachable”, Hoskinson added that there would be an extensive post-mortem of Vasil that would accommodate changes through CIPs and new organizations that represent all the different factions.

Trumpeted as Cardano’s “most significant update” to date, the Vasil hard fork was initially slated to be launched on June 29. However, as the deadline approached, IOHK pushed back the upgrade to the last week of July and then for “a few more weeks” to allow more time for testing.