Cardano hard fork Vasil in September, ADA rises 5%

Last Updated: 29 August 2022

Cardano founder Charles Hoskinson says the Vasil Hard Fork is scheduled for September. They are almost ready, but ‘we are not quite over the finish line yet.’ These words have had little effect on the share price so far.

Cardano (ADA) price rises 5%

In the past 24 hours, the price of ADA has risen by 5%. That sounds good, but on Friday, the value fell sharply after Jerome Powell’s speech about US inflation. At the moment, the Cardano cryptocurrency is trading at 0.455 euros.

Cardano was one of the big winners of the 2021 bull run. Right after the corona crash in March 2020, you could pick up ADA for 0.03 euros. Fast-forward to September 2021, and the price has risen almost tenfold to 2.61 euro.

Cardano profiled itself as an all-in-one blockchain where the best people work and one that is incredibly energy efficient. In addition, ADA strikes on Cardano’s blockchain gained popularity.

This year, the hype surrounding cryptocurrency died down, and Cardano also came back down to earth.

Update Cardano sometime in September

In a livestream last Friday, Cardano founder Charles Hoskinson shared a brief update on the Vasil hardfork. ‘Extensive testing is still being done,’ Hoskinson said. He shared technical details on the progress of the hard fork, including a number of bugs that he knows need to be fixed.

Cryptocurrency hard forks occur when participants on a blockchain network agree to upgrade their software to a new version more or less simultaneously. It is a major upgrade compared to a soft fork, which is usually less time-consuming and allows network participants to slowly update their software over time.

Hoskinson told viewers that the hard fork will take place “sometime in September.” It’s going to be busy in September because, in the same month, Ethereum will get a major update, as will, EOS. If only that goes well…

Dependent on cryptocurrency exchanges

However, the exact date of the Cardano update partly depends on crypto exchanges. ‘The next big lift is to get the exchanges on board. Binance reports that they are currently upgrading on volume.’

He added that ‘in general, what happens after a firm date for a hard fork is announced, you see a big rush and people push through.’

Hoskinson said ‘a date will be set’ once the largest three to five cryptocurrency exchanges have upgraded their systems.’ ‘Then the rest of the exchanges will feel the urgency and start upgrading. It’s very difficult to get them to do otherwise. They often need a push to do that. We’re not quite over the finish line yet, but everything looks pretty good.’

How are you tracking Cardano’s hard fork?

Cardano users can now follow Vasil’s progress through a page specially created by IOG. The data on the page is updated twice a week, on Tuesdays and Thursdays. Therefore, it urges users to get the very latest “live” figures on Vasil from PoolTool or Cexplorer.

Author

  • Steven Gray is a journalist with a heart for crypto. He filters the wide range of news and ensures that it reaches the public in a comprehensible way. He often does this with the support of technical analysis.

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