After several months of delays, the Cardano Vasil upgrade and hard fork finally went live on Thursday at 9:44 pm UTC, bringing “significant performance and capacity” improvements to the blockchain.
The success of the Cardano mainnet hard fork was announced by blockchain firm Input Output Hong Kong (IOHK) on Twitter on Thursday, while others have also observed the ticking of the hard fork in a live Twitter Spaces with Cardano co-founder Charles Hoskinson.
#vasil HFC mainnet event was successful!
We are pleased to announce that today at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftungsuccessfully forked the Cardano mainnet via an HFC event, thus implementing new #vasil chain characteristics.
— Input output (@InputOutputHK) September 22, 2022
IOHK previously stated that the significant updates that the fork brings is the streaming of blocks without full validation, allowing for faster block creation. Upgrades to its Plutus smart contracts for greater efficiency also allow decentralized applications to be deployed and run at lower costs.
Better buy a mouthwash. Vasil is live. Does anyone have recommendations for Greg 🙂 https://t.co/RTehxad97Z
—Charles Hoskinson (@IOHK_Charles) September 22, 2022
The new capabilities brought by the Plutus script updates will be available to developers on the mainnet on September 27, after a time that currently lasts around five days.
Bill Barhydt, founder of cryptocurrency trading platform Abra, called the update a “big win for developers” with decentralized finance platform Genius Yield. tweeting it was “one of the most complex and consequential upgrades to the Cardano network ever done.”
Congratulations to the Cardano ($ADA) team on the Vasil hard fork. More hard work on crypto paying off.
Making UTXO and inputs accessible to scripts/Plutus without spending them is a huge win for developers. Well done!
—Bill Barhydt (@billbarhydt) September 22, 2022
The update date was announced in early September by IOHK, while the “critical mass indicators” needed to trigger the hard fork were reached within 24 hours of the event.
Related: Ethereum Post-Merger Hard Forks Are Here: Now What?
It comes after months of delays and rescheduling, with launch day originally scheduled for June, it was pushed back twice due to testnet issues caused by bugs in an earlier version of node creating compatibility issues.
Following the Vasil upgrade, Cardano continues to develop its layer 2 scaling solution, the Hydra head protocol, which processes transactions outside of the Cardano blockchain while still using it as a security and settlement layer.
The latest Hydra update on September 16 detailed that the team addressed a known issue with Hydra nodes. The protocol does not have a set launch date, but it is planned for the end of 2022 or the first quarter of 2023.
The announcement of the successful launch saw the price of Cardano’s ADA coin rise almost 4% in the last 24 hours to $0.46 according to CoinGecko data, although it is still down 4.5% on the week.