According to the latest updates shared by the IOHK behind the popular altcoin Cardano (ADA), the Vasil hard fork is expected to occur on the Cardano testnet today, Sunday, July 3. On July 3rd, the Cardano testnet will begin enjoying the new Vasil enhancements and capabilities that will appear on the mainnet. Here are the details…
Important update to popular altcoin Cardano
During the week, IOHK stated that it has offered an update to hard fork the Cardano testnet. So Vasil announced that he has started the countdown for the mainnet upgrade. In its latest update, IOHK announced that the changes will take effect after the start of epoch 215 on July 3 at 23:20 CEST. Exchanges and SPOs (staking pool operators) need at least four weeks of testing after testnet deployment.
So the tentative date of Vasil mainnet hard fork coincides with the last week of July. As Cryptokoin.com reported, the positive expectations surrounding the upcoming Vasil HFC continue. According to a Cardano community-focused Twitter account, Vasil is quite important as it can allow the launch of dApps and stablecoins. The account named Ada Whale used the following statements:
The Vasil upgrade is important not only in terms of throughput (the network runs smooth as silk these days), but also because it strengthens smart contract capabilities that allow the launch of synthetics, stablecoins and pooled loans. I think this brings Cardano to the finish line.
Which dApps are waiting for Vasil hard fork?
Cardano-based ErgoDEX, which was recently launched on the testnet, stated that it “now awaits the release of the Vasil hard fork before moving to the mainnet.” Another example is the Djed stablecoin. The Djed team stated in a blog post that they are “waiting for Cardano’s Vasil hard fork to happen.” The Vasil hard fork will allow for the scalability needed to run Djed securely on the mainnet.
Meanwhile, Cardano showed the week’s highest development activity with over 399 Github commits. Cardano is ahead of projects like Kusama and Polkadot, which made 257 commits during the week. According to the data shared by IOHK, the number of projects built on Cardano has exceeded 1,022.
ADA trades on the green board
Meanwhile, the ADA price did not change significantly. However, it is currently changing hands at $0.45, up 0.7 percent. The cryptocurrency has dropped 9.6 percent in the last seven days as the bearish wave engulfed the market. In the last 30 days, there is a loss of 23.3 percent. Time will tell how the update will affect the price.
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