After a few delays in June and July, the Cardano Vasil update went live earlier, and the native cryptocurrency reacted with a price increase.
The upgrade is touted as the most significant one for the IOG-backed blockchain since the implementation of smart contracts a year ago.
- The IOG team took it to Twitter to announce that the Vasil hard fork was successfully deployed at 21:44:00 UTC and outlined some of the benefits the network is supposed to experience.
- The upgrade, named after a famous Bulgarian mathematician, includes several Cardano Improvement Proposals (CIP) – reference inputs (CIP-31), inline datums (CIP-32), reference scripts (CIP-33), collateral outputs (CIP-40), and diffusion pipelining. All of these are explained in our comprehensive guide.
- The Vasil update was supposed to occur at the end of June but was postponed to late July before being delayed once again due to issues with previous node versions.
- Aside from Vasil, Cardano is still developing its own Layer-2 scaling solution – Hydra – which should see the light of day next year.
- Cardano’s native cryptocurrency reacted positively to the news, with a 6% daily increase. Consequently, ADA currently sits close to $0.5. Despite the immediate jump, a recent report by Messari claimed that the asset has already been “aggressively” priced in.