Cardano’s Charles Hoskinson has announced a new timeline for the Vasil Hard Fork upgrade
Hoskinson shared that the new update may be released in September if the network does not encounter any further issues.
Cardano founder Charles Hoskinson has revealed new details about the highly anticipated Vasil hard fork upgrade. The IOHK co-founder has unveiled that the upcoming hard fork may be released as early as September 2022.
Cardano’s Charles Hoskinson Unveils A New Date For The Upcoming Vasil Upgrade
In a new video update, Charles Hoskinson has announced a new timeline for the upcoming Vasil Hard Fork upgrade, adding that the update can be released as soon as September 2022 if there are no additional issues or obstacles encountered by the team.
“So sometime in September is what it looks like unless something is discovered or we run into a substantial slowdown somewhere.” Hoskinson later shared. “So sometime in September is what it looks like unless something is discovered or we run into a substantial slowdown somewhere.” Hoskinson later shared”So sometime in September is what it looks like unless something is discovered or we run into a substantial slowdown somewhere.” Hoskinson later shared.
The IOHK team had earlier issued a progress report on the Vasil hard fork via Twitter, informing how the network is currently in process of onboarding the exchanges. Per IOHK, nearly 40% of SPOs have already been updated. The thread also informed how crypto exchange Binance has already started upgrading its nodes to deploy the upcoming fork.
In the video update, Hoskinson further added that Binance has already upgraded 30-40% of the total Cardano volume, followed by other central exchanges like Kraken and Coinbase.
“So the next major lift is to get the exchanges on board. Binance is reporting that they’re currently upgrading. By volume, I think that they’re about 30-40% of the Cardano trade volume. And other than that, Kraken and Coinbase and so forth tend to follow along.” Hoskinson shared
Later in the video, Hoskinson also stated that once 75% of the SPOs have upgraded to the latest 1.35.3 version alongside leading exchanges following suit, the team will then be able to announce a confirmed date for the hard fork to be launched.
“Generally what happens is that after a hard fork date is announced, you see a big rush of people push through. So what is probably going to occur is that once we hit that golden 75% of the SPOs (stake pool operators) and three to five of the major exchanges by volume, the top three or top five are upgraded or in the process of upgrading, a hard fork date will be set. Then, the rest of the exchanges feel the urgency and they start upgrading, and it’s really hard to get them otherwise. They tend to need a little bit of push for that.” Hoskinson said
The Vasil Hard Fork is dubbed as one of the central crypto events which are set to introduce critical advancements to the existing Cardano ecosystem. The fork will essentially improve the functioning of the overall network alongside enhancing the development of smart contracts and DApps.