Fork, yes! Cardano Vasil upgrade start

After several months of delays, the Cardano Vasil and hard fork upgrade was launched as of Thursday at 9:44 PM UTC, resulting in “significant performance and capacity” improvements to the blockchain.

The success of the Cardano mainnet was announced by blockchain company Input Output Hong Kong (IOHK) on Twitter on Thursday, while others also note Hard Fork in Twitter Live Spaces with Charles Hoskinson, Co-Founder of Cardano.

IOHK previously stated that an important upgrade brought by the fork was to move the block without full validation, allowing for faster block creation. Upgrades to its increased efficiency Plutus smart contracts also allow decentralized applications to deploy and run at lower costs.

The new capabilities made possible by the upgrades to the Plutus script will become available to developers on the mainnet on September 27, after a single period that currently lasts about five days.

Bill Barhit, founder of crypto exchange Abra, described the upgrade as a “big win for developers” with decentralized finance platform Genius Yield. Twitter It was “one of the most complex and important ever updates to the Cardano Network.”

The upgrade date was announced in early September by the IOHK, while the “Critical Mass Indicators” needed to run the hard fork were reached in the 24 hours leading up to the event.

Related: Ethereum post-Merge hard forks here: what now?

This comes after months of delays and rescheduling, with the launch day originally set for June, and has been pushed back twice due to issues on the test network caused by bugs in an earlier node version resulting in compatibility issues.

Following the Vasil upgrade, Cardano continues to develop a layer 2 scale solution, the Hydra head protocol, which processes transactions off the Cardano blockchain while still using it as a security and settlement layer.

The latest update on Hydra from September 16 details the team addressing a known issue with the Hydra contract. The protocol does not have a specific release date, but is set for some time in late 2022 or the first quarter of 2023.

The announcement of the successful launch has sent Cardano’s ADA coin price up nearly 4% in the past 24 hours to $0.46 according to CoinGecko data, although it is still down 4.5% on the week.