8 exchanges including Gate.io, MEXC, Bitrue, OKX and AscendEX, including 5 other top DApps are ready for the Cardano (ADA) upgrade.
The Cardano Foundation Exchange Integration Team is committed to supporting exchanges that hold ADA liquidity to upgrade their systems. Users holding ADA on centralized exchanges will not be negatively impacted by exchange upgrades, but they can expect service disruptions. In order to proceed with the hard fork, Input Output Global and the Cardano Foundation want 25 exchanges to run version 1.35.3 of the forked software, accounting for 80% of ADA liquidity. All the software components required for the exchange are ready.
The Vasil hard fork is part of the 2022 Cardano roadmap described by founder Charles Hoskinson in January 2022. While the 2021 Alonzo hard fork enables smart contracts and decentralized finance applications, Vasil is focused on improving transaction throughput, scripting efficiency, and reducing block transfer latency.
Critical mass that triggers a hard fork
For a hard fork to occur, 75% of the mainnet transaction blocks must be generated using node software version 1.35.3, 25 exchanges must upgrade their systems, and the top 10 DApps by total locked value must be in run on the pre-production chain. The configuration of the pre-production chain matches the Cardano main chain. It is intended to be a long-term testing environment for applications. Applications must be tested in both test environments before entering the “preview” and “pre-production” testnets.
At press time, 94% of transaction blocks on mainnet are in progress generate The first criterion is met with Vasil Node software version 1.35.3. So far, only three of the top 12 exchanges that hold the majority of ADA liquidity have said their systems are ready: MEXC, Bitrue, and WhiteBit. Five other exchanges have also said they are ready, including OKX, Gate.io, AscendEX, BtcTurk, Dex-Trade and NDEX.
Five of the top 10 DApps have been tested on pre-production chains, including Dquadrant, Revuto, Aada Finance, Lending Pond, and Wingriders.as is[In]Crypto recently reported that Aada Finance became the first decentralized application on Cardano to introduce DeFi primitives such as lending and borrowing. Other dApps currently in pre-production testing include Minswap, SundaeSwap, MuesliSwap, ADAX Pro, and VyFinance.
Coinbase and Binance are not ready yet
Exchanges need to launch recently, with Binance, Coinbase, and Kraken all announcing measures to accommodate the ethereum merger that began with the Bellatrix upgrade earlier today. At press time, Binance’s status on the Vasil upgrade is “coming soon,” while Coinbase’s status with Kraken, Crypto.com, and Upbit is “in progress.”
Cardano (ADA) recently surpassed XRP to become the seventh-largest cryptocurrency by market cap.
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