Cardano’s long-awaited Vasil update finally went live on September 22 after several delays and technical setbacks. This was the biggest improvement since last year’s Alonzo hard fork and is being touted as a turning point for the Cardano network.
It is designed to improve the scalability and overall transaction capability of Cardano, as well as increase its ability to develop decentralized applications (DApps) with the help of the hard fork combinator (HFC) approach.
On the infrastructure level, Vasil will pave the way for many other upcoming updates that aim to allow Cardano to increase its block size and TPS while maintaining its PoS mechanism. In the future, the focus will also be on improving the stability and connectivity of the network.
Exchanges supporting Vasil
So far, the top 12 crypto exchanges by liquidity extended their support for the update according to the latest data.
- Binance
- Upbit
- MEX
- Bitrue
- Coinbase
- XT.com
- AAX
- WhiteBit
- ChangellyPRO
- BKEX
- ZB.com
- HitBTC
As of September 27, the integration status of 44 cryptocurrency exchanges shows “Ready”. These also include OKX, Gate.io, Crypto.com, Bitfinex, Bithumb, Hubo, eToro and KuCoin, among others. Kraken is still in the integration process, while Coinbase and 21 other exchanges are marked “Not Ready”.
Highlights from Vasil
The update was named after Bulgarian mathematician Vasil Stoyanov Dabov, a prominent member of the Cardano community, who died in December 2021 of a pulmonary embolism.
A week after IOG and the Cardano Foundation unleashed the most ambitious update yet, more functionality has now been made available to developers. These include: support for benchmark inputs, online data, benchmark scripts, collateral outputs and a new Plutus cost model.
We are pleased to announce this after a successful #Vasil update on September 22, the new capabilities (including node and CLI support for reference entries, online data, reference scripts), along with a new #Plutus cost model, are now available at #Cardano main net! pic.twitter.com/USja3TcJNi
— Input Output (@InputOutputHK) September 27, 2022
fundamentals
The total value locked in Cardano has mimicked the price action of ADA, which did not show any significant appreciation after the upgrade.
According to data from DeFiLlama, the TVL, currently at $76 million (excluding equity), is down nearly 77% from its March ATH of $327 million. The TVL of the leading Cardano DEX, Minswap, was $39.49 million after declining 6% in the last 24 hours.
Messari’s chart indicated that ADA transaction volume has taken a hit from its peak of nearly $80 billion in August 2021 to just $3.6 billion at press time.
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