Recall that the Vasil Hardfork Combinator Event (HFC) was executed on September 22. However, the full Vasil upgrade features that have made the chain to be more scalable, less expensive to use, and highly functional were deployed on September 27 alongside the release of a new Plutus cost model (V2). 

In addition, the Vasil upgrade brought new capabilities to the chain like node & CLI support for reference inputs, inline datums, and reference scripts. 

Read Also: Charles Hoskinson Highlights Importance of Wallet Certification to Cardano

A lot of improvements have been evidenced on the Cardano blockchain as a result of this strategic upgrade, especially in the aspect of new Plutus Scripts. Plutus is the smart contract platform of the Cardano blockchain which allows all programming on the blockchain to be done on one Haskell library. Also, Plutus allows developers to write applications that interact with the Cardano blockchain. 

As of September 22 when the Vasil hardfork was executed, the number of real Plutus-based smart contracts or Plutus Scripts on the Cardano blockchain was 3,292. As an effect of the Vasil upgrade, there has been an increase in the number of Plutus Scripts to the tune of 100.

As of October 7, data showed that the number of real Plutus-based smart contracts on the Charles Hoskinson-founded blockchain has grown to 3,392 in just about 15 days. 

Read Also: Charles Hoskinson Hints At Emergence of Voltaire Era and What It’s Bringing To Cardano

Accordingly, the number of Timelock Scripts used for Cardano non-fungible tokens (NFTs) has increased dramatically in the same day frame. As of September 22, Timelock Scripts had a total of 67,387 but at the time of writing, this Token Locking Scripts typically used for NFTs has grown to 69,272 in number. 

It is worth noting that the Plutus Scripts were first introduced during the Alonzo Hardfork Combinator event while the Timelock Scripts or token-locking scripts were first rolled out as part of the Allegra hardfork. The Vasil hardfork, however, introduced an improved and efficient Plutus cost model known as Plutus V2.

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#Vasil mainnet HFC event successful!

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
1/5

— Input Output (@InputOutputHK) September 22, 2022

Before the launch was triggered, testing was successfully conducted to confirm the readiness of the upgrade. Also, top exchanges such as Binance made good progress on their updates.

Prior to the announcement, IOG said, “we are confident we will be able to proceed with triggering the hard fork at the appropriate time,” the release said. Community members have also shown their eagerness for the activation of the most complex and ambitious update program for Cardano to date. 

Read Also: US Congressional Candidate Endorses Cardano (ADA) as an Efficient Blockchain Technology

What Vasil Hardfork Brings to the Cardano Blockchain

While the Alonzo upgrade introduced several new possibilities for decentralized applications (DApps), decentralized exchanges (DEXs), and decentralized finance (Defi) solutions development on the Cardano blockchain, the Vasil upgrade comes is to scale and optimize the ledger to facilitate efficient development for a range of new applications on the smart contract platform. 

According to an update from the Input Output Global team, the Vasil upgrade “will bring significant improvements using Cardano’s hard fork combinator (HFC) approach and enhance the network’s performance by increasing throughput, script efficiency, and reducing latency in block transmission.”

In the recent update, IOG also said, “Vasil will bring a number of benefits to Cardano including more efficient, more powerful smart contracts via new Plutus V2 improvements.”

Related: Binance.US Confirms Support For Cardano Vasil Hardfork

“Full Vasil capability will become available on the 27th of September, along with the activation of the Plutus V2 cost model, delivering lower transaction costs for smart contracts,” the team added.

It is worth noting that the upgrade is named after the late Vasil St Dabov, a Bulgarian mathematician and a top member of the Cardano community. Preceding upgrades on the Cardano blockchain include Shelley, Allegra, Mary, and Alonzo. Charles Hoskinson, the Cardano founder and CEO of IOG recently noted that Cardano is changing the world and its best days are ahead of us.

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#BinanceUS will support the upcoming #Cardano $ADA “Vasil” upgrade and hard fork, which is estimated to occur on September 22, 2022 at approximately 2:45 PDT / 5:45 EDT.

Learn more: https://t.co/FHb4yGfK4X pic.twitter.com/ln3k3Apmqo

— Binance.US (@BinanceUS) September 20, 2022

According to the announcement, during the network upgrade, Binance.US will temporarily stop the deposit and withdrawal processes for the digital token ADA.

While the upgrade will halt deposits and withdrawals of tokens from the US-based cryptocurrency exchange, it is stated that ADA trading will be unaffected.

IOHK Details Upcoming Cardano (ADA) Hard Fork Network Changes

The parent company of the decentralized blockchain platform Cardano (ADA), Input Output (IOHK), has detailed the changes users should expect on the network following the launch of the highly anticipated Vasil hard fork slated for today.

In a recent blog post published by IOG, it’s noted that the main technical teams involved had conducted extensive testing and integration efforts to ensure a successful upgrade.

IOHK emphasized the significance of the Vasil hardfork emerging as envisioned in the post.

According to IOHK, “There are multiple ecosystem stakeholders to be considered. Ensuring that any upgrade is safe and secure and that players across the Cardano ecosystem are fully ready has always been paramount.”

Vasil’s upgrades to Cardano’s ledger will enable the use of UTXO input and input without having to spend it in the script contract. In other words, it is possible to access data recorded on the blockchain without having to spend or recreate UTXO, as was the case in the past.

Through Plutus v2, Vasil improves Cardano’s smart contract functionality, enhancing an already powerful smart contract platform with better efficiency. Vasil uses the EUTXO model to enable more advanced and faster DApps.

The EUTXO accounting model is the engine that powers #Cardano's financial model. EUTXO enables more expressive programmability for smart contract functionality and, together with #Plutus, creates a powerful environment for #DApp deployment.https://t.co/SDBNGXa5XC

— Input Output (@InputOutputHK) September 21, 2022

It is now possible to significantly reduce the size of the transactions that execute reference scripts, which previously caused processing delays.

After Vasil, there will be a further upgrade called the diffusion pipeline. Deploying earlier blocks for full validation while verifying the header is one way to boost Cardano’s speed and scalability potential.

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According to Hoskinson, the automated process to deploy the Vasil hard fork upgrade is underway and will be concluded in around 5 days. The Vasil upgrades will go into effect on September 22, as the process was initiated on September 17.

Read Also: Cardano Blockchain Hits 50 Million Transactions, Shows Increasing Adoption

Hoskinson said,

“We’re all going to sit back and watch the Vasil rocket take off. The automated process of installing the Vasil update has begun. It’s now in the air… Now, there is no going back. It has been initiated.”

Additionally, he shared this video on Twitter and said it now signifies that the Cardano (ADA) network has entered the “Vasil era.” There shouldn’t be any reason for delays, according to the Cardano team.

The Hotel California of Cryptocurrency: Ethereum and the Wealthy

Charles Hoskinson recently tagged Ethereum as the Hotel California of the cryptocurrency world because it only welcomes the wealthy who can afford to purchase expensive specialized hardware.

Hoskinson said Ethereum’s Proof-of-Stake implementation was deficient since it prevented investors from accessing their staked ETH.

Read Also: Charles Hoskinson: Cardano Is Changing the World, Our Best Days Are Ahead Of Us

However, Cardano’s PoS does not demand that users’ ADA be locked. He asserted that as a result, in this case, “user needs” took precedence over stakeholder needs.

The founder further claimed that anybody could stake its proof-of-stake protocol; doing so does not need wealth. He emphasized that this is where there is a clear difference between Ethereum (ETH) and Cardano (ADA).

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Despite the current price downturn in the crypto market, the host of the popular YouTube crypto channel, Coin Bureau, named Guy, remains bullish on Cardano, one of the most popular smart contract platforms.

Read Also: Charles Hoskinson Shares New Timeline for the Upcoming Cardano Vasil Upgrade

Cardano (ADA) Could Soon See Twice Its Current Price

In a video shared with his over 2 million YouTube followers, Guy said that the price of the digital token ADA could soon surge to double its current price following the massive dump that started in May 2022.

According to the crypto analyst, investors and traders are using Cardano (ADA) as the best alternative in case Ethereum The Merge fails to move the market northward.

Guy added that both the Merge and Vasil hardfork will aid the price growth of Cardano (ADA) to gain twice its current price. It’s worth noting that the digital token is trading at $0.51 at the time of filing this report.

Guy noted:

“In recent weeks, Cardano’s ADA has emerged as an ideal hedge against something going wrong with the merge and Cardano’s own upcoming upgrade could supercharge ADA’s price action…

“ADA could rally as high as $1 as a result of Ethereum’s merge and Cardano’s own Vasil hard fork. This would work out to a 2x move in the short to medium term which is a realistic expectation especially since ADA’s price action in fiat and ETH terms supports this target.”

Read Also: Binance Updates Cardano (ADA) Nodes in Preparation For Vasil Upgrade

Coin Bureau host also stated that the long-term outlook of ADA depends on the upcoming upgrades. He added that other factors coming later this month could also have a positive impact on the price of the native token of the Cardano blockchain.

“There are additional macro factors coming later this month that could take ADA and other cryptocurrencies even higher or much lower,” Guy concluded.

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The LunarCrush AltRank, designed to access a cryptocurrency’s community and traction and compare that across the entire cryptocurrency marketplace, has ranked Cardano (ADA) as number one out of 3870 coins across the market, in terms of social and market activity. 

Data from LunarCrush showed that Cardano (ADA) had a social volume of 31,596 and social engagements totaling 73,826,715 as of September 4. 

While market volume rating entails the measure of a currency’s market volume based on validated exchange volume, Social Volume ranking has to do with the measure of the unique volume across all LunarCrush’s data sources.

“Based on relative combined social + market activity, Cardano has hit AltRank 1 out of the top 3870 coins across the market,” the update read. 

Based on relative combined social + market activity, @Cardano has hit AltRank 1 out of the top 3870 coins across the market.

24-hour activity:
Price +5.89% to $0.4928
Social volume 31,596
Social engagements 73,826,715https://t.co/ZQ2IrvqoVu$ada #cardano pic.twitter.com/iFgKbAix1w

— LunarCrush (@LunarCrush) September 4, 2022

Read Also: Cardano (ADA) Is Number One Crypto in Top Brand Intimacy 2022 Rankings

Interest in Cardano (ADA) Spikes 

As Cardano blockchain’s top upgrade nears, investors seem to be more attracted to the project. This can be evident in the recent LunarCrush Alt Ranking. Cardano’s improved scores imply that more members of the crypto community are closely interested in and following the crypto project. 

This upgrade, which is codenamed Vasil, has been again scheduled for September 22 by the Cardano founder Charles Hoskinson and the Input Output Global developers team. This announcement comes after successful testing and having achieved all three metrics required for a successful upgrade. 

Read Also: Cardano’s Charles Hoskinson Confirms Vasil Upgrade Launch Date

It aims to make the Cardano blockchain more scalable and interoperable. It is also said that “the upgrade will bring enhancements to Plutus to enable developers to create more powerful and efficient blockchain-based applications.”

Following the numerous postponements of this upgrade named after Cardano’s ambassador and Bulgarian mathematician Late Vasil St Dabov, some Twitter users have expressed doubts about the upgrade execution on September 22.

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In a series of tweets today, Input Output Global (IOG), the firm behind the development of Cardano (ADA), announced that 75% of Cardano nodes have upgraded to the latest version v1.35.3.

Read Also: Cardano Summit 2022 Date Confirmed as Vasil Hardfork Draws Closer

According to the report, IOG and Cardano Foundation are observing two other vital indicators before the Vasil upgrade can be ready for implementation.

Before the upgrade can be triggered, at least 25 exchanges have to upgrade their node, and the 10 largest decentralized applications (DApps) by total value locked (TVL) must confirm that they have upgraded to v1.35.3 on PreProduction and are ready for mainnet.

Crypto Exchanges and DApps Are Making Progress

It’s also stressed in the update that top crypto exchanges have started to take necessary steps in preparation for the much-anticipated upgrade.

IOG noted:

“Exchanges are now also hard at work testing. Kudos to the following exchanges who have thus far confirmed readiness to the @CardanoStiftung team.

“Exchanges including: Binance, Kucoin, Kraken, Crypto.com, Gate.io, HitBTC and many others have also communicated they have started the integration and testing process. The Cardano Foundation exchange team continues to support.”

Read Also: Cardano (ADA) Is Number One Crypto in Top Brand Intimacy 2022 Rankings

IOG further stated that many of the leading decentralized applications are also making progress significantly. The firm also shared a link for users to track the progress of the three metrics, which are regularly updated as new information is received.

“Once achieved, in collaboration with the @Cardano Foundation team, the upgrade process will be triggered for the Cardano mainnet,” IOG added

Buttering the necessity of proper testing before launch, the firm wrote, “Remember, this is software development and proper testing across the ecosystem is vital to ensure the upgrade is delivered safely and securely. Thanks and stay close to our Twitter for updates throughout this week for the latest.”

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In a new video, Hoskinson told his teeming YouTube subscribers that a number of major crypto exchanges, including Binance, are currently working on the upcoming Cardano Vasil upgrade. He also expects more to follow in the coming days.

Read Also: Fox Business Anchor Calls Cardano an Incredible Success Story during an Interview with Charles Hoskinson

Charles Hoskinson noted:

“So the next major lift is to get the exchanges on board. Binance is reporting that they’re currently upgrading. By volume, I think that they’re about 30-40% of the Cardano trade volume. And other than that, Kraken and Coinbase and so forth tend to follow along.

Speaking further, Hoskinson mentioned the required percentage of Stake Pool Operator (SPO) nodes that need to upgrade to the latest version before a date can be set for the hardfork. He also said a few major exchanges are needed to make others feel the urgency.

“So what is probably going to occur is that once we hit that golden 75% of the SPOs and three to five of the major exchanges by volume, the top three or top five are upgraded or in the process of upgrading, a hard fork date will be set. Then, the rest of the exchanges feel the urgency and they start upgrading, and it’s really hard to get them otherwise. They tend to need a little bit of push for that.”

Read Also: Charles Hoskinson Wants Elon Musk to Make Cardano His Plan B If His Aim to Acquire Twitter Fails

Cardano Developers Making Progress

In the video update, Charles Hoskinson said everything about the Vasil upgrade is currently working perfectly. Although integrations are still ongoing, the hardfork should be ready sometime in September.

“Things are moving along very quickly. Extensive testing are still being done by the community and still by us. A lot of integration work is happening behind the scenes, so all of that infrastructure is looking good.

“Hopefully, we should be able to work with the community and get a hard fork date set soon. We’re going to have a meeting with the SPOs here in a little bit… So sometime in September is what it looks like, unless something is discovered or we run into a substantial slowdown somewhere.”

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In a long Vasil-centered update, the Input Output team, the body saddled with the development of Cardano, disclosed that Cardano wallets configurations and Nix docker set-up are among the last pieces left to be completed in the Vasil upgrade process.

Per the IOG statement, this step is crucial as it would enable crypto exchanges to integrate the upgrade. 

The Input Output Global (IOG) team further highlighted that the widely patronized Binance exchange is already on course to update their Cardano nodes to the latest version (v1.35.3), which is fully compatible with the Vasil hardfork. 

Read Also: Upcoming Cardano Vasil Hardfork is Looking Good, Says Charles Hoskinson

“Binance has announced they are updating their Cardano Nodes; so we’re on the way… kudos as ever to the Cardano Foundation exchange team for supporting this process,” the tweet read. 

@Binance has announced they are updating their #Cardano Nodes; so we’re on the way… kudos as ever to the @cardonostiftung exchange team for supporting this process

8/13

— Input Output (@InputOutputHK) August 25, 2022

Cardano Nodes Flocking Into Version 1.35.3

As aforementioned, the recently released Node 1.35.3 is the version expected to precede the much-awaited Vasil hardfork as it provides the needed capabilities.

As of the time of filing this report, 49% of Cardano staking pool operator (SPO) nodes have upgraded to version 1.35.3, which is huge progress in the Vasil upgrade journey. Just a few days ago, only 34% SPOs were running node 1.35.3, as reported by Timestabloid earlier this week

Related: Cardano Founder: No Conflict or Quality Issue with Vasil Upgrade Implementation

According to data from PoolTool, 50% of SPO nodes are still operating on version 1.34.1, whereas 75% of nodes have to be on the newest version before the upgrade can happen. 

The IOG team wrote, “Mainnet nodes status: SPOs/nodes: SPOs running node 1.35.3 (the Vasil release candidate) now account for 40% plus of mainnet block production in the current epoch. The metric we’re chasing is 75%.” 

Mainnet nodes status:

SPOs/nodes: SPOs running node 1.35.3 (the #Vasil release candidate) now account for 40% plus of mainnet block production in the current epoch.
The metric we’re chasing is 75%.

Data courtesy: @cexplorer_io @PooltoolI

5/13 pic.twitter.com/4jf62zlqQQ

— Input Output (@InputOutputHK) August 25, 2022

Furthermore, the team reported that there are no new bugs and no hard-fork blockers as of August 26. This further consolidates Charles Hoskinson’s claims that the upcoming Vasil hardfork is looking good. Overall, the team is very close to implementing the upgrade which has been postponed multiple times.

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Per a Twitter post, the top smart contracts platform announced one of its major crypto and blockchain-based events. The event tagged Cardano Summit 2022 is free and open for everyone interested in blockchain technology. The summit led by the Cardano Foundation aims to bring the community together. 

EXCITING NEWS #CardanoSummit2022 is confirmed!

November 19-21
Main stage – Lausanne, Switzerland
Community-led events – 50+ events around the world
Virtual attendance – live stream

Want to join? Find out more https://t.co/pHSaA0k6Cc#BuildingOnCardano pic.twitter.com/xs5XrwQcGr

— Cardano Foundation (@CardanoStiftung) August 19, 2022

About Cardano Summit 2022

Cardano Summit 2022 is a global event slated to take place on November 19 – 21, 2022 with three event options. These event options are main-stage events, community-led events, and virtual attendance. Registration for the Cardano Summit 2022 will be opened in September. 

The main stage event is scheduled to happen at the SwissTech Convention Centre, Lausanne, Switzerland. Similarly, numerous community-led events will take place in different cities (50+ locations) across the globe. Locations for community-led events are dependent on the hosts and are yet to be disclosed.  

For those attending online, the virtual stream will go live in consonance with the main stage event in  Lausanne. Per the announcement, the event will be recorded so everyone can watch it at their convenience. 

Speaking of community-led events, these are events hosted by community members with support from the Cardano Foundation. It is worth noting that any community member can apply to host an event. Those interested in hosting a community-led event are encouraged to register their interest. 

Cardano Foundation noted that specific information about the Summit times and agenda will be shared subsequently as they are currently being finalized. 

“The Summit also welcomes everyone wishing to join the Cardano ecosystem or curious about how Cardano’s blockchain technology is being used to create positive change around the world. At the Summit, we celebrate successes and look to the future,” the update added. 

Read Also: Cardano Founder: No Conflict or Quality Issue with Vasil Upgrade Implementation

Vasil HardFork is Around the Corner

The Vasil hardfork combination event, which has been met with several holdups and postponements, is named in honor of the renowned community ambassador and Bulgarian Mathematician, Vasil Dabov, who passed away on December 3rd, 2021. 

According to Cardano Founder Charles Hoskinson, the final stages of the Vasil hardfork execution are looking good. Charles Hoskinson, who is also the CEO of Input Output Global (IOG), the body tasked with the development of Cardano and its native token ADA, recently stated that there is neither conflict nor quality issue with Vasil hardfork deployment.

This he said to refute a controversial claim made by Adam Dean, a Cardano developer, that the Cardano testnet is catastrophically broken due to a newly discovered bug.

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