Cardano Transaction Volume Surges Following Vasil’s Announcement

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More than 50 million transactions were recorded on the Cardano network, which set a new landmark since the announcement of the hard fork upgrade.

Spoils of the Vasil Upgrade

The announcement of the Vasil upgrade in June set the tone for the surge in transaction volume. However, at that time, the total number of dealings was approximately 42.5 million. Since then, the transaction data has spiked by close to 8 million. 

Meanwhile, the Hard Fork launch was scheduled for late June. The Cardano development team delayed the launch due to the need for additional testing. 

Furthermore, Cardano blockchain developer, Input-Output (IOG), revealed the beginning of the countdown for the network upgrade in June. This was after the launch of the upgraded node 1.35.0 of the Vasil protocol.

Furthermore, IOG has already hard-forked the testnet to make it compatible with the Vasil protocol on July 3. As a result, the testing is expected to continue. The upgrade is expected to start working on the mainnet by September 22. The team noted that they expect another spike in transaction volume.

The Final Lap

The IOG team has indicated that the Vasil upgrade is in its final stage. U.Today disclosed that there are critical issues to consider. The first is that by September 19, the scaling proposal is expected to be ready. This is to activate the Hard Fork event on September 22. Consequently, this would usher in the new transition phase.

However, IOG noted that it might take more than three days to open Vasil on the mainnet. According to IOG, the capability will become functional at the start of epoch 366 on September 27. In addition, the Plutus V2 protocol will also become public on the mainnet at the same time.

Nevertheless, the IOG statement on the ecosystem’s readiness shows that many things are in place for a complete takeoff. 98% of the mainnet components are already created by the Vasil node 1.35.3 protocol. This is an indication that the node’s readiness is already fulfilled.

Moreover, seven of the top 12 exchanges by market cap indicated their Vasil readiness. The exchanges include Binance, MEXC, Upbit, Bitrue, WhiteBIT, BKEX, and AAX.

By market capitalization, Cardano seeks to compete with the top digital asset platforms as the eighth largest crypto network. The network aims to become the leading blockchain transaction platform.

The Cardano Vasil upgrade is part of a series of scalings planned by the development team. It intends to reduce transaction fees by shrinking the transaction size. 

This will increase the network throughput and make processing fees more affordable. As of August 2022, Cardano offers the lowest transaction fees, and the upgrade will bring them down further.

Another critical boost to the network would be scalability. It is expected that Cardano’s decentralized applications (dApps) would be able to expand to accommodate other protocols.

Meanwhile, other upgrades will follow suit after completing the Vasil Hard Fork.

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