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IOG says that Vasil will arrive on September 22. Developers are waiting for some key metrics to complete with exchanges.
In Short
- IOG says Vasil will launch on September 22
- They suggest that all that remains is for the exchange nodes to be ready.
- Vasil has been delayed several times due to technical problems.
Cardano: What’s Left For Vasil? Finally, what many Cardano fans have been waiting for: IOG made public that September 22 is the date for the release of the Vasil hard fork of Cardano. It is worth noting that it occurs three months after the first target date, and devs rescheduled twice this year. However, the most recent tests had been successful, and the leading developer, Charles Hoskinson, had assured that there would be no further delays.
VASIL UPGRADE: DATE CONFIRMED ?
— Input Output (@InputOutputHK) September 2, 2022
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. ?$ADA
1/9
The latest update, the fifth for the Cardano blockchain, will include improvements to the Plutus programming language and promises greater scalability for lower fees. Cardano set September 22 as the date for upgrading its mainnet Vasil. Blockchain founder Charles Hoskinson announced this in his YouTube vlog on Friday.
Investors, enthusiasts, and followers of Cardano await the next major update for the network, better known as Vasil. It has already been delayed several times and promises to bring significant operational improvements to ensure the optimal functioning of the protocol.
With the arrival of Vasil, the IOG (formerly IOHK) team finally explained why the upgrade was just around the corner, detailing what the development team was waiting for before they could schedule it.
IOG details the process to get to Vasil
In the face of doubts about the date for the next update, the IOG team stressed at least three essential milestones the network needs to achieve before Vasil can be effectively activated. In addition, one of the requirements is to ensure that there will be no programming errors or code compatibility. Developers have verified the latter. Everything is going according to plan, although this was the main reason for the initial delay.
According to members of the development team, the other requirements have to do with three key metrics that they must achieve:
- Ensure the transition is that at least 75% of all Stake Pool Operators (SPOs) upgrade to the final version of the node. Node upgrade has already happened because more than 80% of validators produce Vasil-compatible blocks.
- The second metric is to have at least the top 10 Decentralized Applications (DApps) operating on the Cardano network to upgrade their nodes to support the upgrade. A recent survey reveals that 70% of DApps have already taken this step, so they have already tested and succeeded.
- The latest metric proposes that at least 25 reputable exchanges, collectively handling 80% of all ADA liquidity in the market, upgrade to support Vasil. Exchange support is the missing point to get to the upgrade.
Waiting for exchanges
According to the surveys presented for the Cardano network, of the 25 exchanges intended as a requirement. Only two are fully ready to support the new upgrade, having already performed the corresponding tests and confirmed full compatibility with Vasil. According to IOG, 27 exchanges are in the process of integration. Five of them have the highest liquidity of ADA on their platforms.
Although no names were disclosed, data published by CoinMarketCap points out that exchanges such as Binance, Coinbase, and KuCoin register the highest volumes of daily trading operations with the ADA cryptocurrency, accounting at the time of editing together for more than $122 million in the last 24 hours.
Vasil will arrive very soon
With this clear, for IOG, the update is getting closer and closer. Still, it only remains to wait for the remaining exchanges to be able to set a tentative date, which will no longer be subject to delays, as indicated by Charles Hoskinson weeks ago.
According to the leading developers, Vasil is one of the most important updates for Cardano precisely because it will bring operational improvements in scalability and speed. The upgrade will further streamline the flow of information, block processing, and lower the operating cost associated with transactions.
Remember that Hoskinson and his team have emphasized working calmly and methodically to improve the network. The intention is not to work in haste to appear first but to establish conditions for thinking in the medium/long term with the highest possible quality standards.
While Vasil is on his way, the spotlight is currently on the Ethereum ecosystem. It will officially transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) starting next September 6 in the expected update, The Merge. Ethereum’s upgrade means moving away from traditional mining and switching to a staking system. The change makes block processing a process with lower barriers to entry and more environmentally friendly. On the other hand, it creates doubts about network decentralization and associated problems.