The Vasil upgrade is aimed at enhancing Cardano, thereby having the ability to increase ADA price as the upgrade is scheduled for the final test on the mainnet upon its approval on the testnet.
The Input-Output (IOHK) reported on Monday that the long-awaited Vasil hard fork has been completed by the Cardano testnet. It went on to say that this is a significant step in Vasil’s mainnet upgrade.
According to the announcement, the network is now welcoming stake pool operators (SPO) and developers to build on Cardano. It further stated that exchangers are invited to begin their final testing and integration processes.
According to the Twitter thread, the Vasil improvement is the most ambitious program of work they have undertaken. As the entire community is involved, the main priority has been assuring safe and secure upgrading.
The Vasil upgrade will improve the Cardano network’s capability and performance. Meanwhile, more updates will be provided as the test progresses in the next weeks.
Over the last 90 days, ADA prices have fallen by 61%. At the time of writing, it was trading at an average price of $0.448. However, it still has a total market capitalization of $15.2 billion.
It is projected that once the entire operation is completed, ADA rates will skyrocket because it was the network’s anticipated update. The Vasil project, according to IOHK, is an extremely complex work program. Backward compatibility will need to be verified. While SPOs are working on scripting changes.
It also stated that the community has asked for a four-week delay following the testnet hard fork. This will allow SPOs, developers, and exchanges to put it through its paces. It is required to initiate the Cardano mainnet hard fork.
Meanwhile, the IOG will collaborate with exchanges and DApp developers to ease the process. When the partners are comfortable, the updated proposal to upgrade the Cardano mainnet to Vasil will be submitted.
