Cardano Vasil hard fork ready to go: Crypto exchanges make final preparations

Currently, 8 crypto exchanges including Gate.io, MEXC, Bitrue, OKX, AscendEX and 5 of the largest decentralized exchanges (DEXs) are ready for the Cardano Vasil hard fork. This is one of the most important upgrades to the Cardano ecosystem. Only when the main exchanges are prepared for the upgrade can the hard fork be performed.

The Cardano Foundation exchange integration team is currently working with crypto exchanges to prepare for the Vasil upgrade. Exchange clients that have ADA on centralized exchanges are not significantly affected by the hard fork.

The Cardano Foundation and Input Output Global are supporting 25 crypto exchanges by integrating version 1.35.3 of the fork software required for the hard fork. These exchanges currently hold around 80% of ADA liquidity and are therefore of great importance to the execution of the hard fork. The software components required by the exchanges are ready to use.

Cardano founder Charles Hoskinson announced the Vasil hard fork in early 2022 as part of this year’s roadmap. During the Alonzo hard fork in 2021, the development team introduced smart contracts and decentralized apps (dApps). With the Vasil hard fork, the Cardano team wants to increase transaction throughput and script efficiency and reduce block latency.

What are the requirements for the Cardano Vasil hard fork?

For the Vasil hard fork to take place, 75% of mainnet transaction blocks are generated with node software version 1.35.3. shall 25 crypto exchanges are upgrading their systems and the top 10 decentralized apps (measured by the total value of locked ADA tokens) are running on the “pre-production chain”.

The pre-production chain is not only aligned with the Cardano main chain, but also serves as a long-term test bed for Cardano dApps. Cardano dApps are checked first in the Vasil Deevnet, then in the preview testnet and finally in the pre-production testnet. Only then are they ready for use on the mainnet.

An image from: Cardano Blog

At the time of writing this article, 94% of all mainnet transaction blocks were generated using Vasil Node software version 1.35.3. The first requirement to perform the hard fork has already been met. However, only three of the 12 crypto exchanges that hold the majority of ADA’s liquidity announced that their systems are ready for the hard fork: MEXC, Bitrue and WhiteBit. The systems of the exchanges OKX, Gate.io, AscendEX, BtcTurk, Dex-Trade and NDEX are also operational.

In addition, was only tested 5 of the 10 most important decentralized applications in the pre-production chain: Dquadrant, Revuto, Aada Finance, Lending Pond and Wingriders. As we reported recently, Aada Finance is the first decentralized application on Cardano to offer DeFi elements such as loans and lending. Other dApps currently in the preparation phase are Minswap, SundaeSwap, MuesliSwap, ADAX Pro and VyFinance.

Coinbase and Binance are not ready yet

Along with the Vasil hard fork, Binance, Coinbase and Kraken are preparing for the Ethereum merger, which officially started on September 7, 2022 with the Bellatrix upgrade. However, the three crypto exchanges needed even more time for the Vasil upgrade. At the time of writing this article, Binance is “almost finished” with the hard fork upgrades. Coinbase, Kraken, Crypto.com and Upbit announced that preparations are currently “in the works”.

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