With Cardano’s Vasil hard fork set to go live on Sept. 22, the blockchain network’s native token has spiked by 2.1% within the last 24 hours to $0.45.
ADA had been on a red run on the seven days metrics as it shed 3% of its value, trading for as low as $0.43 during this period.
Input Output wrote that the Vasil upgrade would usher in significant improvement to the network.
According to the crypto company, the upgrade will optimize the Ouroboros’ Verifiable Random Function (VRF) process resulting in faster block validation, better security, and improved smart contract capabilities.
Meanwhile, the various capabilities that Vasil would bring to the blockchain will only become available to developers on September 27.
The Vasil upgrade is the most significant event in the Cardano ecosystem and was initially scheduled for July. However, bug concerns, alongside other issues, led to the delay of the upgrade.
The upgrade is happening during the same month as the network’s fifth anniversary.
Dapps and exchanges express readiness for Vasil
Crypto cold wallet maker Ledger tweeted that it is ready and expects “no downtime” to its services.
According to updates from Input Output, 99% of Cardano’s mainnet blocks are created by the Vasil node 1.35.3. Apart from that, top Cardano dApps have confirmed their readiness for the upgrade.
Among the top 12 exchanges providing liquidity to the ecosystem, Coinbase is the only exchange whose readiness for the upgrade is “still in progress.”
Cardano’s upgrade draws community excitement
Cardano’s planned upgrade has increased social media chatter about the network, according to Santiment data.
#Crypto markets have obviously taken a big hit over the past week, but it's interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
Santiment stated that social interest in Cardano rose by 35.16% over the last seven days.
Cardano blockchain has achieved several milestones this year, from passing the 3000 smart contracts milestones to developing several stablecoin platforms, among other novel improvements.
Staked Cardano beat rivals
Cardano is now the third-largest proof-of-stake blockchain network in native asset staking. According to a tweet from Cardano Daily, the Charles Hoskinson-led network has beaten Binance Chain, Avalanche (AVAX), and Polkadot (DOT).
NATIVE TOKENS STAKING BETWEEN BLOCKCHAINS
With regards to POS blockchain in the crypto environment, the @Cardano blockchain ranked the 3rd with $11.49B staked in the network!
#cardano #vasil #staking pic.twitter.com/ee357RwF2B
— Cardano Daily (@cardano_daily) September 21, 2022
The data showed that staked Cardano’s value is currently at $11.49 billion, behind that of Solana (SOL) and Ethereum (ETH).
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