Cardano up 3% following completion of Vasil hard fork News โธ Cardano โธ Technology
Cardano up 3% following completion of Vasil hard fork
The upgrade's full functionality will not be available to developers until Sept. 27.
2 min read
Updated: Sep. 23, 2022 at 10:35 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cardano’s ADA has reacted positively to news of the successful completion of the Vasil upgrade, rising 3.6% in the last 24 hours to trade at $0.4638.
The Vasil upgrade went live at 9:44 pm UTC on Sept. 22, according to anย announcement from Input Output.
#Vasil mainnet HFC event successful!๐พ
Weโre happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
๐งถ1/5— Input Output (@InputOutputHK) September 22, 2022
The hard fork will:
“bring significant performance & capability enhancements to Cardano, from higher throughput capability via diffusion pipelining to a better developer experience with much-improved script performance, efficiency & lower costs.”
The Vasil upgrade is its most significant improvement on Cardano since it enabled smart contract functions in 2021.
Vasil is Cardano’s most ambitious upgrade
IOHK described it as its most ambitious work, praising the Cardano community for making the upgrade a success.
The Vasil upgrade had faced some delays and was rescheduled a few times before its final launch. Following the Vasil upgrade, Cardano is developing a layer-2 scaling solution, Hydra head protocol.
However, the upgrade’s full functionality will not be available to developers until Sept. 27. According to the team, this is when a new epoch will start, and the new Plutus V2 cost model will be active on the chain.
The community reaction to the upgrade has been positive, with many describing it as a major success. The founder of Abra Global, Bill Barhydt, said:
“Making UTXOs and inputs accessible to scripts/Plutus without spending them is a big win for developers. Well done!”
Scammers try to take advantage
Meanwhile, bad actors tried to exploit the excitement to promote scams.
Several accounts masquerading as Cardano’s Charles Hoskinson offered to distribute millions of ADA tokens to anyone that clicked on a suspicious link.
Hoskinson highlighted these fake accounts in one of his tweets, urging the community to report the accounts.
Fake verified hoskinson. Please report https://t.co/sRWKdSsQpt
— Charles Hoskinson (@IOHK_Charles) September 22, 2022
As of press time, it was unclear if anyone had fallen for these scams.
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Posted In: Cardano, Technology
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.