It should take at most another month for the Vasil upgrade at Cardano (ADA) to bring technological progress to the mainnet. Founder Charles Hoskinson has set September as the date for the launch of Vasil.
For two months now, Cardano has been waiting for the Vasil upgrade, which was originally scheduled for June 29 – repeated postponements and news about setbacks in the development work have caused nervousness among investors. Now Cardano CEO Charles Hoskinson makes a clear announcement in a video message: Vasil will go live sometime in September, Hoskinson says. The developers are already intensively testing Vasil for Cardano, and a few minor bugs still need to be ironed out. Hoskinson specifically mentions crypto exchanges as the next hurdle to set an exact launch date for Vasil at ADA.
Input Output, as the crypto company behind Cardano, most recently reminded of three factors that should be met before Vasil is rolled out. Crypto exchanges are one of the requirements: About 25 Cardano trading platforms are said to have connected their preparations for Vasil, representing at least 80 percent of ADA liquidity. A new overview page created by Input Output on the status of preparations for Vasil shows: So far, only Bitrue and NDAX.io are “ready” for a Cardano with Vasil – but their market share is less than 1 percent. The most important marketplace for Cardano is Binance, where work on integrating Vasil has already begun. Hoskinson trusts that when the top three to five crypto exchanges are “ready” for Vasil on Cardano, a launch date will be set and other crypto exchanges will quickly jump on the bandwagon.
According to Input Output’s twice-weekly updates, the targeted 75 percent of all new blocks at ADA have already been achieved with the node software version 1.35.3 required for Vasil. However, things do not look so good for the ten most important DApps for Cardano, four of which have not yet provided any information at all on whether they are preparing for Vasil with Node software 1.35.3. Only two Dapps, on the other hand, state that they have already completed their tests.
Conclusion: Upgrade policy stutters at Cardano
It does not look very confident how Hoskinson is now trying to pass the buck to crypto exchanges for delays with Vasil. After all, it is well known that Cardano’s own developers needed more time than stated and still do not have a completely finished module. Scoffers suspect that the extremely self-confident Hoskinson is annoyed by how Ethereum (ETH) currently owns the headlines with its imminent epochal upgrade “The Merge”. Hoskinson was among Ethereum’s co-founders.
But even aside from personal vanity, caution remains the order of the day with Cardano and Vasil. Vasil is expected to lay the groundwork for ADA’s future appeal in the DeFi space. This was also heard from Hoskinson and Input Output when Alonzo was upgraded in September 2021 – but Cardano has seen little tangible progress here since then. So Cardano is also stuck in a queue price-wise, and investors are becoming increasingly skeptical that ADA can spark new momentum with Vasil.