Cardano’s much-anticipated Vasil upgrade is going to take place on 22 September 2022, IOHK’s Twitter handle revealed. IOHK is the technology company behind the Cardano ecosystem.
The Vasil upgrade aims to make the Cardano ecosystem more scalable while keeping the transaction costs low. The upgrade has been in the offing for a while now, but was being stalled due to system bugs.
VASIL UPGRADE: DATE CONFIRMED 💪
Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with @cardanostiftung can today announce 22nd September for the #Vasil upgrade on the #Cardano mainnet. 🧵$ADA
1/9— Input Output (@InputOutputHK) September 2, 2022
The delays have heightened the excitement about Vasil, so the latest announcement is giving Cardano supporters much to cheer about.
The blockchain network’s announcement comes days after the date of another heavily anticipated upgrade—Ethereum’s Merge—was announced.
How does Vasil change things for Cardano?
In addition to improving the network capacity and lower transaction costs, the upgrade is expected to help developers build better dApps on Cardano, as per IOHK’s tweets. It is supposed to enhance its smart contract capabilities, which were launched in 2021 with the Alonzo hard fork.
With nearly 1,000+ projects being developed on Cardano, the Vasil upgrade or hard fork is expected to be a game-changer for the ecosystem.
What does the development mean for investors?
ADA, Cardano’s native token, has responded positively to this development and is up by over 10% over the past week.
September is known for being one of the most volatile months for crypto. The chart below uses historical data to show that September has been a particularly volatile month for crypto, since 2013. (Bitcoin used as a reference due to its market dominance.) Some investors are therefore naturally skeptical about the impact of the upcoming upgrade on ADA’s price action.
Source: Coinglass
Although these are valid concerns, it may help to remember that every other major Cardano upgrade has resulted in a near-term price surge at ADA’s counter. That said, DYOR is advised.
