Cardano’s Vasil mainnet launch is scheduled to take place 13 days from now, on September 22nd, to be exact. The upgrade hopes to use Cardano’s Hard Fork Combinator (HFC) approach to onboard significant improvements and boost network performance by increasing throughput, script efficiency, and reducing latency in block transmissions.
The Hard Fork Combinator is designed to enable the combination of multiple protocols without making significant adjustments. In the case of Cardano, a hard fork combinator connects the protocol without system interruptions or restarts.
Even though there is little chance of the system being restarted or disrupted, holders on Cardano (ADA) exchanges should keep a few things in mind before and during the Vasil Hard Fork Combinator event.
Users should ensure that their funds are in the right place at the appropriate time prior to the Vasil event. This includes deciding whether to keep funds in a non-custodial wallet or leave it on an exchange, as some merchants do.
ADA holders urged to plan Vasily
According to daniel ribaro According to IOG’s Project Catalyst, Cardano (ADA) holders on exchanges should be cautious as it is likely that ADA accounts on exchanges may go into maintenance mode for a few days, meaning that withdrawals or deposits during this period may be temporarily suspended. may be suspended.
️ PSA: If You Drop Your #Ada On exchanges during the upcoming hard fork event – it is likely that all $ada The accounts there will go into maintenance mode for several days. This means no withdrawals or deposits. plan for it, #cardano,
— Daniel Rieber F9 votes: September 5-19 (@danny_cryptofay) 9 September 2022
Therefore, if a user decides to keep their holdings in a centralized exchange or custodial wallet, the user must be fully aware that the provider is in charge. During the upgrade, trading platforms may temporarily suspend deposits and withdrawals and may even hold trades momentarily. Users who hold funds on an exchange should be constantly aware that their fate ultimately depends on the company.
However, users who have decided to store their ADA coins in a non-custodial wallet should ensure that they have access to their seed phrase or private key. Before and after Vasil HFC, a person has complete control over their funds if they have their own private keys.
Last but not least, holders of Cardano on the exchange should be on the lookout for updates from the exchange during the Vasil event and leave time for any deposits or withdrawals in the event of a temporary freeze.