Cardano moves closer each day to one its most crucial upgrades, the Vasil Fork. IOG (the developer of the Cardano network) had identified three key milestones for the network to achieve in order to trigger the hard fork. As the developer confirms, it is more likely than ever that the upgrade will be triggered now that all three of its metrics have been achieved.
Nearing Cardano Hard Fork
Once the Vasil hard fork had been confirmed to be bug free, the developer was able to move towards fulfilling all requirements. First, it was necessary that 75% or more of the SPOs have upgraded to the latest node version. The team has confirmed that Vasil nodes now produce more than 80% mainnet blocks as of the date of writing.
A second measure that had to be met was that 10 top DApps from TVL on Cardano will now have been updated to Vasil supported nodes. A Twitter announcementIt was confirmed that over 70% of DApps had passed pre-production tests.
Last, 25 of the ADA’s largest exchanges (or about 80%) must have been upgraded in order to continue supporting the network after the hard fork. The hard fork can only be activated if this is completed.
Source: ADAUSD on TradingView.com| Source: ADAUSD on TradingView.com
IOG confirmedWith at least 27 more exchanges integrating, 2 of the crypto exchanges will be ready to fork. This metric is complete and only 5 of the exchanges have been identified as the best for liquidity. The network is currently in the final phases of implementing Vasil.
What does the ADA do?
As with anything, the price of Cardano’s native token ADA is usually affected by such an important update. This is especially true considering that Cardano’s community has been waiting for the update for over two months.
However, unlike previous periods, the ADA prices have not responded as quickly to new developments as they would like. It is still holding steady at $0.44 without much movement. The digital asset is also trading at a level below the 50-day moving median, which triggers bearish sentiment from investors.
The majority of requirements have been completed so it’s likely the Cardano hardfork will be complete within two weeks. It is unlikely that ADA’s price will see any major movement as it has not seen significant movements at the moment.
Featured Image from Analytics Insight. Chart from TradingView.com
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