With each passing day, Cardano is getting closer to one of its most significant upgrades yet, the Vasil Hard Fork. Cardano network developer IOG outlined three important milestones that required the network to reach a hard fork to trigger. With the first of the three metrics already found at this time, the upgrade is closer than ever, as confirmed by the developer.
near cardano hard fork
When the developer had previously confirmed that the Vasil hard fork no longer contained any bugs, he moved on to meeting the requirements to complete the upgrade. The first of these required that at least 75% of all SPOs had upgraded to the last node version. At the time of writing, the team confirmed that more than 80% of all mainnet blocks are now being produced by Vassil nodes.
Hitting the second metric required that the top 10 of the top dApps by TVL on the Cardano network would be updated to Vasil-backed nodes. a Twitter announcement Confirmed that over 70% of DApps have now passed successful pre-production testing.
The final requirement was that at least 25 exchanges representing approximately 80% of all ADA liquidity would be upgraded to support the network post-hard fork. It is the last step that remains to turn on the hard fork.
ADA price dumps to $0.45 | Source: ADAUSD on TradingView.com
IOG Confirmed That 2 crypto exchanges are all set to hard fork, with at least 27 other exchanges in the process of integrating. Only left to hit this metric and 5 of these exchanges are said to be the top 5 exchanges for liquidity, the network is now in its final stages of implementing the Vasil upgrade.
What is ADA doing?
Like anything, the price of Cardano’s native token ADA is usually affected by such a significant update. Especially considering the fact that the community has been waiting for the upgrade to be completed for over two months.
However, unlike in the past, the price of ADA has not been as responsive to the news as expected. The digital asset is firmly holding the $0.44 level without any significant volatility. It is also trading below the 50-day EMA, creating a bearish sentiment among investors.
Since most of the requirements have already been met, the Cardano hard fork is likely to be completed in the next two weeks. But with the price of ADA not seeing any significant movement at the moment, major volatility is not expected.
Featured image from Analytics Insight, chart from TradingView.com
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