The Cardano Vasil Hard Fork upgrade officially went live today. The update has been long awaited by holders of ADA and those active on the Cardano Blockchain.
With the hard fork upgrade, Cardano will bring increased network capacity and faster but lower-cost transactions. Alongside the update, ADA saw a steady increase in value in the hours before the update went live.
In addition, one of the most significant changes of the upgrade is fast block creation. This will make the Cardano blockchain much more efficient. The Vasil upgrade also brings the second version of Cardano’s scripting language, Plutus v2. The Vasil upgrade bears the name of the late artist and ADA ambassador Vasil Stoyanov Dabov. Dabov passed away in December 2021 after a pulmonary embolism.
According to Input Output, developers who have worked on the upgrade, extensive traffic will likely slow down Cardano in the opening hours of the upgrade. However, “transition should be smooth.” Full Vasil capability will become available on Sept. 27, according to the developers. Along with the full capability will be the activation of the Plutus V2 cost model, delivering lower transaction costs for smart contracts, Input Output Says.
Most of the top crypto exchanges are in support of the Cardano Vasil upgrade. This includes Binance, Crypto.com, and Gate.io. The upgrade suffered plenty of delays after an initial release date was set for earlier this summer. However, developers have finally ironed out all the kinks and tests for the upgrade.
At the time of writing, ADA sits at $0.4587, according to CoinMarketCap. The coin may see a slight uptick in the days after the Vasil upgrade. This is unless it suffers from a “sell the hype” scenario as Ethereum did with its merge to PoS last week.