Cardano’s September Vasil Hard Fork FOMO Boosts Enthusiasm As $1 ADA Price Beckons

Cardano adherents may have to wait until September for the much anticipated Vasil Hardfork to pave the way for some issues to be ironed out.

In his latest update on the upgrade, Cardano’s founder Charles Hoskinson stated that everything was looking pretty good, adding that no major bugs or issues had been found.

However, the developer suggested that it was improbable for the network to onboard enough crypto exchanges before August ends to provide enough liquidity for the upgrade, setting the tone for another delay.

As earlier reported, three thresholds have to be met for the hard fork to be triggered, the key among them being roughly 25 crypto exchanges upgrading to the latest node 1.35.3.

According to Hoskinson, despite things moving along “very quickly”, with extensive testing and integrations still being conducted by the community behind the scenes, exchanges were still lagging in updating their nodes. Moreover, most Stake Pool Operators were yet to update their nodes.

“What is gonna probably occur is that once we hit that 75% of the Stake Pool Operators(SPOs) and three to five of the top major exchanges by volume are upgraded, a  fork date will be set, and then the rest of the exchanges will feel the urgency and start upgrading,” Hoskinson said. 

So far, various exchange, including Binance and Kucoin, have declared their support for Vasil and are currently upgrading. “The next major lift is to get exchanges on board… it’s hard to get them otherwise, they tend to need a little bit of a push for that,” Hoskinson added expressing confidence in others like Kraken Coinbase following along.

Due to the delay, Charles said he expected the Vasil upgrade to go live on the mainnet in September without giving a soft date. “Sometime in September is what it looks like unless something is discovered or we run into a substantial slowdown somewhere. We are not quite over the finish line, but everything looks pretty good.”

According to data from Cexplorer, 71.3% of all ADA staked by SPOs is now upgraded to Vasil, leaving only 3.7% to reach the required 75% threshold.

Meanwhile, despite the Cardano community remaining stoked by the upgrade, that enthusiasm has been reflected on the network’s native cryptocurrency, ADA, as the community anticipates a rebound to $1. After falling off the cliff alongside Bitcoin and other crypto-assets on Friday, ADA opened with much optimism on Monday and was trading at $0.45 at press time, following a 2.74% increase in the day.