The Cardano Vasil hard fork is currently the second most anticipated upgrade in the crypto space just after the Ethereum merge. This hard fork is equally important for the Cardano network as it not only improves the development experience on the network, but it also strengthens the security of the blockchain. September has now been established as the month of hard forks, and the most recent announcement from IOG suggests that the network is almost there.
Vasil. Getting ready for the top exchanges
Earlier, Cardano network developer IOG had pointed out that it needed to reach three different metrics in order to complete the hard fork. These include that at least 75% of all SPOs must have upgraded to the final node version, the top 10 decentralized applications (dApps) must have upgraded to Vasil-backed nodes, and finally, at least 25 of the top exchanges that have represented 80%. All ADA liquidity will be ready for upgrade.
The first two metrics were early hits. This comes as no surprise, as both of these requirements need to be met by SPOs and DApps that were already native to Cardano. The exchange part has proved to be the hardest. However, some exchanges have caught the bulls by the horns and have since been drawn to hard forks.
in the middle Top exchanges that have used Vasil . is informed of preparation for There are Gate.io, OKX, BTCTurk, and WhiteBit. All of these exchanges are now capable of supporting ADA post-hard forks. In addition to more details, IOG tweeted on Tuesday that 94% of all blocks are now produced using Vassil-friendly nodes. The exchanges that have previously reported readiness are LCX, NDX and BITRU. Others, such as Binance, Kraken, Bitfinex, Hotbit and Upbit, are all reportedly in the process of adding support for Cardano post-upgrade.
Will Cardano break $1?
Ever since the price of ADA reached its all-time high of $3.10, it has been in a steady declining trend. However, just as the news of hard forks bringing smart contract capability to the network was on the back of a tremendous run, the Vasil hard fork holds equal potential.
This was seen back in July when hard forks were first announced. ADA price surged above $0.5 before the news of the suspension fell. This time, a date has been set for the hard fork, which could trigger an upward rally for the digital asset.
Related Reading: The September Curse: Why Bitcoin Price Could Hit $10,000
However, the probability of the ADA price touching $1 is very small. The digital asset would have to increase by 100% from here to reach this price point. Given the current market trends, there is not enough momentum to reach this level.
A more attainable price point has been set at $0.6 depending on how investor sentiment pans out at this point. But being able to get ADA to this point in the next 2 weeks will require significant buying pressure.
Featured image from Finbold, chart from TradingView.com
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