While IOHK admitted the news was disappointing, the firm stated it is taking an “abundance of caution” to ensure the Vasil upgrade is implemented correctly.

Input Output Hong Kong (IOHK), the blockchain engineering firm behind the Cardano network has released some “disappointing news”, announcing a one-month delay to the long-awaited Vasil upgrade.

The Vasil upgrade is set to provide a “massive performance improvement to Cardano” and its smart contract capabilities according to Cardano co-founder Charles Hoskinson. It was previously slated to go through on June 29, however the latest estimate is now set for the last week of July.

IOHK’s head of delivery and project Nigel Hemsley noted in a June 20 blog post that the core Input Output Global (IOG) team working on the upgrade “is extremely close to finalizing the core work” but there are still seven bugs that remain outstanding and require work. None of them are categorized as “severe," he added.

“The work on Vasil has been the most complex program of development and integration to date, from several angles. It's a challenging process that requires not only significant work from core teams, but also close coordination across the ecosystem,” Hemsley wrote.

As a result, the Cardano Foundation — the non-profit that oversees the development of Cardano — and the IOG team agreed to defer sending the Vasil hard fork to the Cardano testnet from June 20 until June 29.

Once the testnet has been hard forked, devs from Cardanao-based decentralized apps (dApps) and stake pool operators SPOs will have roughly four weeks “to carry out any required integration and testing work” before the Vasil hard fork is initiated on the mainnet in late July:

This is only reasonable and should not be rushed. The working assumption should therefore now be a Cardano mainnet hard fork occurring during the last week of July.

“We recognize that this news will be disappointing to some. However, we are taking an abundance of caution to ensure that we do this deployment correctly,” Hemsley added.

The Vasil hard fork is the biggest upgrade to Cardano since the Alonzo hardfork from September which finally enabled smart contracts on the network. This latest upgrade is set to introduce four network improvements dubbed “CIP31, CIP32, CIP33, and CIP40.”

In theory, these upgrades are designed to reduce the size of transactions, therefore increasing the network’s throughput and lowering transaction fees on the network.

Cardano is a proof-of-stake blockchain platform aiming to provide competition to Ethereum as a smart contract network with lower fees. It is currently ranked seventh out of all crypto assets in terms of market cap at around $16 billion.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP