A historic update has taken place on the Cardano blockchain

Representatives of Input Output Hong Kong (IOHK) announced the success of the historic update of the Cardano cryptocurrency (ADA), which took place on September 23 at 01:44 Kyiv time. Vasil’s hard fork will increase the scalability of the decentralized network and overall usability.

#Vasil mainnet HFC event successful!🍾

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
🧶1/5

— Input Output (@InputOutputHK) September 22, 2022

«Vasil has expanded the capabilities of Cardano smart contracts with Plutus V2 scripts and sales models. Theupdate will reduce the cost of script execution and transaction size, as well as increase throughput,» said Frederik Groegaard, Chairman of the Cardano Foundation.

Currently, the Cardano blockchain is operating normally, having successfully passed stress testing. However, developers need to wait until September 27, when the Plutus V2 Cost Model will be updated.

Judging by the posts on Twitter, the cryptocurrency community has supported the Cardano team and has taken the update very positively. Thus, Bill Bargitt, the founder of the Abra crypto trading platform, called the update «a big win for developers.»

As for the ADA price at the time of writing, the cryptocurrency managed to grow by 6% per day, and Cardano is currently trading at $ 0.46. Interestingly, some cryptocurrency analysts were convinced that ADA would fall below its annual low of $ 0.40 before the Vasil update. While crypto trading expert Michael van de Poppe said that ADA would target the $ 1 level ahead of the update. However, none of the predictions came true.