$ADA: Re Vasil Upgrade Preparation, IOG CEO Says ‘Things Are Moving Along Very Quickly’

On Friday (August 26), Charles Hoskinson, Co-Founder and CEO of IO Global (“IOG”), the blockchain technology firm behind the research and development of Cardano, shared his thoughts on the preparation for the Vasil hard fork, which is expected sometime next month.

As you may remember, on Thursday (August 25), IOG explained where we are currently on the road to the Vasil HFC event.

Here were the main takeaways:

• The latest version of Cardano node software released by IOG is 1.35.3.
• A new version of the Daedalus, which is a full node $ADA wallet, that is compatible with release 1.35.3 is expected to be ready by early September at the latest.
• So far, no critical defects (i.e. severity levels 1 through 3) have been found in release 1.35.3, meaning that there are no “showstopper” bugs.
• As of 8:40 p.m. UTC on August 25 (epoc 359), 59% of mainnet node are on release 1.35.3 and 43% of mainnet block production is coming from block producer nodes on release 1.35.3. We need this second percentage to reach 75%.
• Cardano Foundation is helping exchanges to get ready, and 80% of exchanges (by liquidity) need to be ready.
• We need the top 10 DApps (by TVL) to confirm that they have upgraded to release 1.35.3 on the pre-production testnet and on mainnet. So far, 4 of the top 10 DApps have confirmed that “they are actively testing against node 1.35.3 on the pre-production testnet.”
• On August 26, IOG would have ready a new dashboard (web page) that shows rollout status in an easy to digest way.

Well, yesterday, IOG announced their new “Ecosystem readiness for Vasil upgrade” page was ready:

The #Vasil upgrade is the most significant for #Cardano ever. And the entire technical community is working hard to deliver it.

Want to keep track of progress? There’s a now a page for that.

We’ll keep it updated regularly as we get ever closer?https://t.co/AlIPPzrhWW pic.twitter.com/Qic6ndyaxJ

— Input Output (@InputOutputHK) August 26, 2022

Several hour later, Hoskinson took to YouTube to share his thoughts on how things are going on the testing and integration fronts.

Hoskinson said:

“The next major lift is to get the exchanges on board. Binance is reporting that they’re currently upgrading. By volume, I think they’re about 30-40% of the Cardano trade volume, and others like Kraken, Coinbase, and so forth tend to follow along. Generally, what happens is that after a hard fork date is announced, you see a big rush, and people push through.

“So, what is probably going to occur is that once we hit that golden 75% of the SPOs and three to five of the major exchanges by volume — the top three top five are upgraded or in the process of upgrading — a hard fork date will be set, and then the rest of the exchanges feel the urgency, and they start upgrading, it’s really hard to get them otherwise. They tend to need a little bit of a push for that…

“I just wanted to clouse the week by letting you guys know that things are moving along very quickly. Extensive testing is still being done by both the community and still by us. And a lot of integration work is happening behind the scenes. So all of that infrastructure is looking good and hopefully, we should be able to work with the community to get the hard fork date set soon…

“We’re going have a meeting with the SPOs here in a little bit, and ask them how everything’s going on their end. And the CF is working very aggressively at starting to push the exchanges to get to 1.35.3 so that by liquidity those things look really good. So sometimes in September is what it looks like, unless something is discovered or we run into a substantial slowdown somewhere. We’re not quite over the finish line, but everything looks pretty good.“

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