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Cardano Vasil upgrade: Holy Fork! It’s live!

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Both the Merge and the Vasil hard fork were eagerly awaited by the cryptocurrency community. While the Cardano ecosystem was still working to deploy the Vasil upgrade, the Ethereum network had just finished up and launched the Merge.

It should be noted that this improvement was originally planned to happen in July. The Vasil hard fork was scheduled to occur on 22 September 2022, after a delay. The Vasil upgrade, however, kept to its word and went live without any issues. 

Today, the world saw the official launch of the Cardano Vasil Hard Fork update. The update has been eagerly anticipated by ADA holders and users of the Cardano Blockchain.

Cardano will enhance network capacity and provide faster but less expensive transactions with the hard fork upgrade. In the hours leading up to the upgrade going live, ADA’s value steadily increased.

Fast block construction is another of the upgrade’s most significant enhancements. The Cardano blockchain will become considerably more effective as a result. The Plutus v2 programming language for Cardano is also a part of the Vasil upgrade. Vasil Stoyanov Dabov, an artist and ADA ambassador, is remembered by the name “Vasil” upgrade. In December 2021, Dabov passed dead from a pulmonary embolism.

Extensive traffic to slow down Cardano network 

Input Output, engineers that worked on the upgrade, predicts that heavy traffic may impede Cardano during the upgrade’s initial hours. “Transition should be smooth,” nevertheless. On September 27, full Vasil functionality will be accessible, according to the creators. According to Input Output, the Plutus V2 pricing model will be activated along with the complete capabilities, resulting in decreased transaction costs for smart contracts.

The majority of the main cryptocurrency exchanges back the Cardano Vasil update. Binance, Crypto.com, and Gate.io are examples of these. The upgrade’s deployment was repeatedly postponed beyond an initial target date of earlier this summer. However, all of the bugs and tests for the upgrade have now been worked out by the engineers.

According to CoinMarketCap, the price of ADA is $0.4734 at the time of writing. In the days following the Vasil upgrade, the coin can experience a modest increase, unless it falls victim to a “sell the hype” scenario as Ethereum did with its move to PoS last week.

Cardano’s ambitious upgrade set to launch

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The Cardano team reports that all three “critical mass indications” required to start the upgrade have now been satisfied, and the Cardano Vasil update is scheduled to happen in less than 24 hours on September 22.

Input Output Hong Kong (IOHK), the company that created Cardano, announced on Twitter on September 21 that 13 cryptocurrency exchanges have indicated they were prepared for the hard fork within the previous 48 hours, accounting for more than 87% of Cardano’s (ADA) liquidity.

According to an ecosystem readiness website by IOHK, Coinbase is the only exchange among the top exchanges for ADA liquidity that has its integration status labeled as “in process.”

But Coinbase recently signaled in a tweet that it will support the fork, noting that ADA transactions would be suspended “during the Cardano Vasil hard fork.”

The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a flaw in Cardano’s previous node version that caused interoperability problems.

Cardano Vasil hardfork gains more support

The top decentralized applications (DApps) on the blockchain have also validated their readiness, marking all three criteria required for the upgrade to proceed. With an upgraded Vasil node in place, over 98% of mainnet blocks are currently being created by the updated nodes.

According to market intelligence platform Santiment, social media talk about ADA has increased by 35.16% over the previous seven days following news of the upgrade, coming in third place behind Ripple (XRP) and Ethereum (ETH).

When it goes online, the upgrade will be the blockchain’s most important development since the Alonzo hard fork in September of last year, which enabled smart contracts’ first-ever functioning. The goal of this improvement is to improve smart contracts while lowering expenses and boosting network capacity.

Faster block production is one of the most significant improvements brought about by the fork, according to IOHK, because blocks can be sent without complete validation.

The Vasil upgrade bears the name of the late artist and Cardano ambassador Vasil Stoyanov Dabov, who passed away in December 2021 from a pulmonary embolism.

Furthermore, at the time of press, ADA was priced at $0.443889 and had taken a plunge of 0.5% over the last 24 hours.

Cardano’s New Vasil “Capabilities” Will Become Available On Sept 27

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Cardano’s long-awaited Vasil Update is now only a few hours away which promises to enhance smart contract capabilities, increase the chain’s throughput and reduce costs. In its most recent tweet, the blockchain R&D company IOHK described what to anticipate after the hard fork.

Vasil is a component of the third development cycle for Cardano. The fork is named after notable Cardano community member and Bulgarian mathematician Vasil Dabov.

Interestingly the update arrives in the month of ADA’s fifth anniversary which it claims would significantly improve the PoS network’s capabilities.

First, the blog talks about the native smart contract language called Plutus. As the core component of Cardano, Plutus is tasked to segregate the on-chain transaction validation from the off-chain code that powers smart contracts. This off-chain code runs on a user’s computer.

The new Plutus v2 features will be accessible one epoch following the hard fork on Thursday, which is anticipated to take place on September 27, the thread read.

Other enhancements post-Vasil will include “diffusion pipelining,” a technique that scales up block propagation times leading to higher throughput. The goal of this upgrade is to ensure that blocks can be shared [propagated] in the network within five seconds after their creation.

According to the blog post, this scaling enhancement will speed up the process of communicating information about newly formed blocks among network participants. It also provides more space for block size and together with Plutus script improvements, creates a more scalable setting overall.

Cardano’s DeFi TVL Grew By A Whopping 565,000%

Data from DeFi data tracker DefiLlama suggested that Aada Finance, a noncustodial lending protocol on the Cardano mainnet, recently tapped a staggering growth in Total Value Locked [TVL]. As per reports, Aada Finance recorded a growth of 565,873% over the past week.

After months of open testnet use, Aada Finance, a groundbreaking platform that enables lending and borrowing of native Cardano assets, went live on the mainnet exactly a week ago, on September 13.

The lending platform asserts that the pre-Vasil hard fork sentiment exactly matches the debut of the V1 protocol, which is why it decided to do so before the much-awaited upgrade.

Cardano’s Charles Hoskinson: “Rocket Is In The Air”

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The Cardano network has reached the end of the Vasil update, according to founder Charles Hoskinson in his latest tweet.

Hoskinson revealed that a proposal was recently created and acknowledged for the hard fork commentator, which was then successfully authorized in a video that was released to Twitter. He stated that this marks the onset of the “Vasil era” for the Cardano network.

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Cardano's Charles Hoskinson: "Rocket Is In The Air" 2

Hoskinson claimed that the automated procedure to distribute the Vasil upgrade has begun and will take around 5 days to complete. Given that the procedure was started on September 17, the Vasil improvements will take effect on September 22.

The Cardano co-founder compared the procedure to launch a rocket ship and said the team would have to wait to see whether it was successful or not. He continued, “There is no turning back.”

After the switch to the new state is complete, some of the new features that will be added to the PoS network will go live right away, while others will take about 5 days to take effect. No issues are anticipated, according to the Cardano team.

Cardano’s Token Biggest Price Dip In A Single Day

Recently the IOG founder called Ethereum resembling the Hotel California of the cryptocurrency world, for catering to the wealthy and those who can afford to buy expensive specialized hardware, TronWeekly reported.

According to Hoskinson, Ethereum’s implementation of the Proof-of-Stake consensus protocol was flawed as it restricted investors to access their staked ETH.

On the other hand, Cardano’s PoS does not require having users’ ADA locked. As a result, in this case, the “needs of users” are given precedence above stakeholder needs, he claimed.

The founder further said that everyone can stake its PoS protocol; one does not need to be affluent to do so. He underlined that this is a key area where Ethereum and Cardano differ.

In terms of price, Cardano’s ADA was down 10.02% on the day at $0.43 on 19 Sept. Since Friday, August 19, 2022, it was the biggest percentage point drop in a single day.

ADA’s market cap decreased due to the negative movement to $15 billion, or 1.65% of the overall market cap of cryptocurrencies. The market cap of the token peaked at $94.8 billion.

Cardano’s PoS Do Not Lock Users Fund Unlike Ethereum: Charles Hoskinson

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Cardano founder Charles Hoskinson is back in the limelight with his recent Twitter musings. Hoskinson emphasized that Ethereum’s implementation of the Proof-of-Stake consensus protocol was flawed as it restricted investors to access their staked ETH.

A shared discord message from an Ethereum developer revealed that there is still some uncertainty regarding the timing of withdrawals even after the Shanghai upgrade.

This was corroborated by a Twitter user @StakeWithPride who shared screenshots from Discord, saying that there is no ETA [estimated time of arrival] for ETH withdrawals.

Many however expected that holders would be able to access their staked Ethereum immediately after the Shanghai upgrade, slated to be six months to a year from now.

In the subsequent screenshots, the head of Serv.eth Support, Micah Zoltu, claimed that the information about withdrawals resuming only after the Shanghai upgrade comes from exchanges. But he admits that it is crucial at this point to allow investors “to exit in 2023, rather than in 2024.”

Hoskinson- Here’s What Makes Cardano Unique From Ethereum

In a previous post, the same Twitter user claimed to have revealed another screenshot from a conversation with Zoltu, who said that Ethereum stakes do not need to withdraw their ETH right immediately and may wait until later because they are wealthy and can afford to buy expensive specialized hardware.

Charles Hoskinson intervened at this very time, criticizing Ethereum for resembling the Hotel California of the cryptocurrency world, a famous song by the American rock band Eagles.

The song was widely believed as an allegory of self-destruction, and greed in the music industry of the late 1970s.

Hoskinson continued by asserting that because ADA is staked without ever leaving a user’s wallet and can be withdrawn at any time, Cardano’s PoS does not necessitate having users’ ADA locked. As a result, in this case, the “needs of users” are given precedence above stakeholder needs.

The IOG founder further said that everyone can stake Cardano‘s PoS protocol; one does not need to be affluent to do so. He underlined that this is a key area where Ethereum and Cardano differ.

Cardano’s Net Inflows Hit $400K In A Week-Report

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Cardano witnessed a steep spike in its net inflows, a fourfold increase over the course of a week, as per a report published by digital asset management firm CoinShares.

The weekly funds flow on the PoS blockchain totaled $400,000 and $14.1 million on a monthly and annual basis, respectively.

Exchange inflow is the rate at which the amount of coin is deposited into the exchange wallets. The latest surge before the much-awaited Vasil hard fork reflects investors’ desire to trade.

In addition to that, the asset is one of the only cryptocurrencies with a positive fund flow balance.

With regards to other altcoins, XRP and Solana [SOL], have lesser inflows compared to Cardano

As for the largest crypto asset, Bitcoin outflows totaled $13 million, while short-bitcoin investment products saw inflows reaching $11 million highlighting continued negative sentiment.

Ethereum, on the other hand, saw outflows, totaling $62 million last week.

“This comes despite the improved certainty of the Merge [expected to be on or around 15th September] and perhaps highlights a concern amongst investors that the event might not go as planned”, the report read.

Cardano Builder Input Output [IOG]’s Latest Update

95% of blocks were already arriving from 1.35.3 nodes as of September 12th. It is worth recalling that version 1.35.3 was selected as the final candidate for the Vasil hard fork, and the network had to proceed with the upgrade in order to meet the 75% requirement.

The majority of the largest exchanges by liquidity have either integrated Vasil or started preparing for the high-stakes upgrade. This includes such big names as Binance and Coinbase.

Meanwhile, ChangellyPRO and ZB.com are the only top 12 exchanges by liquidity that haven’t started integrating the upgrade.

Others such as Zipmex, CEX.io, CoinDCX, and Coinbase Pro are among those exchanges that are yet to get on board.

The much-anticipated Cardano upgrade, named after the late honorary community member Vasil Dabov, has been scheduled to go live on Sept. 22. All of the top DeFi projects by total value locked [TVL] for decentralized applications have either begun testing version 1.35.3 in pre-production or have already done so.

Cardano Way Ahead Of Other PoS Blockchains With 1M+ Delegators- Report

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Cardano ranks the highest among the proof-of-stake chains such as Polkadot [DOT], Avalanche [AVAX], and Tezos [XTZ] as per a report.

With 1182047 delegators, ADA leads the PoS rooster of chains. At the same time, open-source blockchain platform Polkadot has over 33,646 staked wallets (called Nominators), and smart contract poineer Avalanche 22,890 individual staked wallets occupy the second and third spots respectively.

The greater the number of delegators, the higher the degree of decentralization, and vice versa. Here is what “delegations” mean.

Holders of ADA tokens can transfer the stake attached to those tokens to a stake pool through delegation. It enables holders to participate in the network and receive rewards proportional to the amount of stake delegated even if they lack the knowledge or willingness to manage a node.

One interesting thing to note is Avalanche, although having less staked wallets than Polkadot, has a higher staking ratio. Comparing Polkadot’s 998 validators to Cardano’s 3,202 stake pools/validator nodes, the latter has a much larger number of validators.

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Cardano Way Ahead Of Other PoS Blockchains With 1M+ Delegators- Report 4

“Cardano PoS Is Better Than Ethereum’s”

A few weeks back, an ADA stake pool administrator provided the following explanation on why Cardano’s PoS is superior to Ethereum’s.

On Cardano, users can stake from their own wallet to a pool. On ETH you have to send your tokens to a contract that can be hacked. The only way to keep your tokens on $ETH [locked up] is by having 32 $ETH and the technical knowledge to set up a node. Your tokens won’t be unlocked until the Shanghai upgrade. Users on Cardano can withdraw their rewards or stake at any time.

For the uninitiated, the Ethereum Shanghai upgrade would address the gas issues by introducing changes in the network’s L2 protocols and is due to launch sometime after the deployment of the Ethereum merge, most likely in early 2023.

Another factor cited by experts is that Cardano‘s high degree of decentralization is supported by the relatively modest size of its full node and the minimal hardware requirements, as evidenced by a large number of stake pools and users running full nodes.

Even though the network meets the security and decentralization requirements, like all public blockchains, Cardano struggles with scalability too. It is expected that the vast majority of these improvements will be incorporated in the forthcoming Vasil update on September 22.

Cardano To Arrive In World’s No 1 NFT & DeFi DApp Store

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Cardano to soon land in the world’s leading dApp analytics platform DappRadar. Announcing the same via Twitter, the Lithuania-based service, urged developers who are working on Cardano to submit their contracts.

“Cardano Dapp developers should submit only bech32 format contracts and treasury accounts where they receive their tokens/fees,” the announcement read.

The team also attached sample links of valid contracts as well as token accounts otherwise errors could lead to rejection in the application process.

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Cardano To Arrive In World's No 1 NFT & DeFi DApp Store 7

Launched in 2018, the platform led by CEO Skirmantas Januskas hosts close to 12150 dapps from over 48 protocols and boasts of 1 million monthly users across the globe that uses its platform for discovering dapps and managing their NFT/DeFi portfolios.

The news comes after Cardano overtook XRP to rank 7th in the global market cap. With that, the popular proof-of-stake blockchain has become the seventh largest cryptocurrency, with a market cap of $16.6 billion, while XRP’s market cap stood at $16 billion.

Cardano Network Has Tapped Peak Performance of 99.7%

The latest milestone is an outcome of the positive sentiment among investors with regard to the much-awaited Vasil hard fork, and exchange listings.

The other day, a Cardano community member Rick McCracken DIGI, who is also a stake pool operator, shared that the network has hit a peak performance of 99.77% when it synced for Vasil node candidate 1.35.3 across the 400 + reporting nodes.

“My normal observations have typically been 97 to 99%”, he added.

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Cardano To Arrive In World's No 1 NFT & DeFi DApp Store 8

Vasil hard fork is heavily dependent on the majority of block-producing nodes running the latest 1.35.3 version. To activate the upgrade, Cardano developer IOG has set a target of 75% of mainnet blocks being created by the final Vasil node candidate.

At present, this metric has surpassed the target and met with more than 87% of the block percentage.

The Vasil upgrade is a part of the Basho phase of the Cardano roadmap that focuses on scaling and network and ledger optimization.

This is expected to bring significant improvements using the hard fork combinator [HFC] approach and ramp up the network’s performance by increasing throughput, script efficiency, and reducing latency in block transmission.

As of now, multiple stakeholders, including SPOs, exchanges, and dApp projects, are upgrading their nodes and testing their code and other Cardano components ahead of the event scheduled for this month.

Here’s Why Cardano’s DeFi Ecosytem Has the Upper hand Among Its Rivals

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Cardano-focused community member has doubled down on the key advantages that the network’s decentralized finance [DeFi] protocols owns over its rivals.

In the tweet, the pseudonymous influencer known as “ADA whale” shared that after Ethereum, Cardano is the first such protocol to built an entire DeFi ecosystem without any influence from the venture capitalists or the VC’s.

“It has security, decentralisation, community and soon throughput to succeed & equivalents to Compound (Liqwid), AAVE (AADA) and Curve/Maker (Ardana) lined up + much more.” it tweeted to its nearly 113k followers.

In the second quarter of 2022, ADA’s total value locked [TVL] metrics has shoot up by thousands of percent. By mid-June, 2022, one of the largest proof-of-stake network had already on-boarded over 1,000 actively developed decentralized applications [dApps].

According to a number of reports, the projects associated with non-fungible tokens [dashboards, marketplaces, DeFis with NFTs] are in focus for the [ADA]ecosystem.

As for project building on it, Cardano has seen significant developments in the past few months. At present, 1,075 projects are active, while 93 projects have recently been launched on the network.

Cardano: One Project Per day In August

According to the latest monthly report for the month of August, new projects on the PoS blockchain has increased by 31, implying that one new project per day of the month.

With respect to NFT, or CNFT, the ecosystem has remained the most preferred choice. This is due to its cost effectiveness, speed of minting NFT on Cardano, coupled with the same perks that its larger competitors have.

Most importantly, one of its strongest component is the “Community & Social,” which is already doing its part to seek out as many people as possible.

Although, the DeFi component in the Cardano-built family of projects is only 2.3% of 1,076, but if one takes the broader concept of decentralized finance, with wallets, lending, oracles and stablecoins, the number is clearly higher.

On top of that, the much awaited release of Vasil hard fork in September, might take Cardano to a new level and directly affect the attractiveness of the blockchain for developers.



Cardano’s Hoskinson Explains Why Burning ADA Is Not as Simple as It Sounds

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In a tweet, Cardano co-founder Charles Hoskinson explains why burning ADA is not as easy as it sounds. The crypto community of various projects has been searching for strategies to raise demand, lower supply, and drive up prices. This idea opened the door for burning, which included sending tokens to a dead wallet.

Dead wallets are unclaimed, abandoned wallets that have been left alone. The tokens supplied to that wallet are therefore effectively lost since no one holds the ownership. People anticipate that this procedure will decrease the available supply and cause prices to increase.

Why Cardano (ADA) burn is not easy as it sounds?

Charles Hoskinson shares his thoughts on ADA burns in a response to @PerAsperaVinco on Twitter. In the following tweet, the Twitter user criticized Charles Hoskinson and his comparison of ADA burns:

“The astonishing power of ignorance is revealed when someone as intelligent as Charles Hoskinson believes burning coins is destroying someone’s property. The analogy isn’t even correct; it’s more like destroying part property to make the rest more valuable than the original.”

Hoskinson said in his post that Cardano lacks a supernatural ADA reserve. He also stated that all ADA is held by real persons who are the rightful proprietors of the ADA they hold. He clarified that in order to destroy ADA, it must first be collected from the people and transferred to a dead wallet.

Hoskinson discussed various initiatives and how they conduct burns in another tweet reply to a Twitter user. He said that some founders will have power over a premise of tokens. Hoskinson noted that when there is less liquidity, they even destroy the tokens in hand in order to control the price. Additionally, he emphasized that Cardano does not hold such a large quantity of ADA.

He asserts that ADA holders and SPOs are the exclusive owners of all ADA tokens (Stake Pool Operators). Hoskinson emphasized that since they gain incentives from using ADA, taking it away from them to burn would be like robbing them of their property. Tokens are burned when they are sent to dead-end wallets and locked there, where they cannot be spent or withdrawn.