Cardano Set To Trigger Vasil Upgrade On Mainnet As ADA Price Readies For A Go At $1

4720
Cardano Holders Bullish On Upcoming Vasil Hardfork As ADA Leads Crypto Majors After A 29% Jump
Advertisement
   

Cardano’s development team deployed the final node version on the Vasil dev net alongside a new smart contract pre-production environment as the world’s largest proof-of-stake blockchain gears up for its most significant upgrade.

According to the latest correspondence by InputOutput Global (IOG), if all goes well, the new node version -1.35.3- could usher in the Vasil upgrade. “As long as we do not encounter any significant new issues, this will be the version with which we’ll trigger the Vasil upgrade on mainnet,” IOG wrote on Friday.

The new pre-production environment had been designed “to provide a clean and more agile environment” to enable exchanges, Stake Pool Operators (SPOs) and developers to test against the latest node version. Based on Github data, the latest node fixes some critical issues with previous versions of the node and provides some CLI enhancements and provides full Vasil era capabilities.

Last week, Charles Hoskinson hinted at version 1.35.3 being the likely candidate for the hardfork, noting that he doesn’t anticipate “any further delays unless anything new is discovered.” He also defended delays in upgrading the network, noting that their prime concern was ensuring they managed the upgrade safely and securely.

According to IOG, three critical indicators will now be vital to determining when the mainnet update is triggered. First, the final Vasil node candidate has to create 75% of mainnet blocks. Secondly, roughly 25 crypto exchanges (representing 80% of liquidity) must upgrade to the node. Lastly, key mainnet Decentralized Applications(DApps), including the top ten by Total Volume Locked (TVL), must confirm they have upgraded to 1.35.3 on PreProduction and Mainnet.

Advertisement
   

Version 1.35.0 could thus mark the end of rigorous tests, which started on July 3 when the IOG team hardforked the Cardano testnet to Vasil Functionality before the upgrade. Going by the latest information, although a soft date is yet to be provided, Vasil could go live before the end of the month, bringing significant improvements to the network.

Although ADA is yet to show any significant reaction to the upgrade, Cardano proponents remain stoked by the event, with the coin’s trading volume displaying vital recovery signs. Technically, the price has also breached $0.54, a significant resistance level that could see bulls pull together and throttle price towards $1. At press time, ADA was trading at $0.57 after surging 10% in the week based on data from CoinMarketCap.