Cryptocurrency

With the Merge done, it’s all eyes on Cardano’s Vasil upgrade

Zegex

Merge will give full attention to Cardano and its up-and-coming Vasil hard fork.

Vasil was originally scheduled to be released on June 29th, but a hardened approach caused by the Terra implosion and bug discovery led to a delay.

At the beginning of September, Input Output (IO) confirmed a September 22nd rollout date. Two weeks later, the developer said, “ecosystem preparationAn article confirming that the upgrade is on track for release.

Vasil Leading Cardano Global Adoption

Vasil is Basho Cardano era on optimizing and improving chain scaling and interoperability. Basho is seen as a stepping stone to realize the chain’s ambitions of global adoption by enabling high trading volumes.

In particular, Vasil We achieve optimization through a series of improvements, including diffusion pipelines, more efficient block propagation, and the implementation of several Cardano Improvement Proposals (CIPs) centered around data storage and access efficiency.

“The upgrade brings significant improvements. Cardano’s Hard Fork Combinator (HFC) Approach Improve network performance by increasing throughput and script efficiency and reducing block transfer latency. “

what’s the latest?

3 metrics need to reach a “critical mass” to trigger the Vasil mainnet upgrade.

  • 75% of mainnet blocks should be created by Vasil version 1.35.3 node candidates.
  • 25 exchanges must be upgraded to the latest software version.
  • Top 10 dApps (by TVL) should confirm using version 1.35.3.

As of September 15, 98% of block production was done using the updated software. This means that the Stake Pool Operator (SPO) has done its job.

IO has divided the exchanges into “Top” and “Other” based on the ADA volume handled by the exchanges. In total, there are 21 exchanges available in both categories.

However, some major exchanges such as Coinbase, XT.com and HitBTC are still working on implementing the upgrade. ZB.com has not started the process yet.

Notable examples of other exchanges still working on implementation include Kraken, Crypto.com, Kucoin, and Huobi.

In terms of dApps, IO has 12 projects listed, half of which have completed testing and are ready. However, at the time of writing, Minswap, SundaeSwap, MuseliSwap, ADAX Pro, VyFinance, and Meld have yet to complete testing.

In summary, Vasil’s upgrade is waiting for a handful of exchanges and dApps to accept the updated software version.

Posted In: Cardano, Technology

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