A peer-viewed proof-of-stake blockchain platform Cardano has confirmed the date of its highly anticipated Vasil upgrade.
Cardano’s goal is to provide a solution to identity management. It supports smart contracts and non-fungible tokens (NFTs).
Vasil is a hard fork upgrade aimed to accelerate the network, make it more scalable, and lower transaction fees. It has been in the works for a while, and now the set date has finally been announced – Sept. 22.
Speaking at his livestream on Aug. 26, Cardano’s founder, Charles Hoskinson, who also happened to be a co-founder of Ethereum (ETH), said that the date of the release will depend on crypto exchanges. “The next major lift is to get the exchanges on board. Binance is reporting that they’re currently upgrading by volume.”
“Generally, what happens is after a hard fork date is announced, you see a big rush, and people push through,” Hoskinson added.
This seems to be exactly what happened, as, according to the team, the majority of leading crypto exchanges have already begun the update process. “Based on current trajectory & previous experience, [Cardano Foundation] has every confidence in them completing their updates & meeting the 80% liquidity metric set.”
The Vasil hard fork is happening almost at the same time another highly anticipated upgrade is taking place – the Ethereum Merge, which will be launched in two stages – the Bellatrix upgrade, which will set off the final countdown, is scheduled for Sept.6 and the main upgrade, which will be set in motion sometime between Sept. 10-20.
ADA, Cardano’s native cryptocurrency, is looking pretty strong, reacting to the news of the upgrade date being finally set. The digital asset is trading at $0.4545 at the time of writing, up 0.24% over the past 24 hours.
The Vasil hard fork might play a pivotal role in ADA’s future price. A recent Finder.com survey revealed how experts look at the ADA’s future. The majority of the survey participants see the price going up to $2.93 by the end of 2025.
One of the respondents believes Cardano will cost $0.50 by the end of the year but will reach $5 by December 2025.
Over half of the survey participants believe the Vasil hard fork will push the price higher. At the same time, 17% believe that this increase will only last for a short period of time, while 20% see it as a long-term upward movement.
Cardano’s team anticipates a smooth transition and reassures users there’ll be no delays or outages during the process.
“We anticipate a seamless technical transition, with no disruption for its users or a break in block production. Users need to take no action.”
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.