Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1?

The Cardano Vasil hard fork is currently the second most anticipated upgrade in the crypto space, right behind the Ethereum Merge. This hard fork is just as important to the Cardano network as it not only improves the experience of developing on the network, it also strengthens the security of the blockchain. September has now been set as the month of the hard fork, and the most recent announcement from IOG shows that the network is almost there.

Previously, IOG, the developer behind the Cardano network, had made it known that it needed to reach three different metrics for the hard fork to be completed. These included that at least 75% of all SPOs would have upgraded the final node version, the top 10 decentralized applications (DApps) would have upgraded to Vasil-supported nodes, and lastly, was that at least 25 top exchanges which represented 80% of all ADA liquidity would be ready for the upgrade.

The first two metrics had quickly been hit. This is no surprise given both of these requirements needed to be carried out by the SPOs and DApps who were already Cardano natives. The exchanges part has proven to be the most difficult. However, some exchanges have taken the bull by the horns and have since become ready for the hard fork.

Among the top exchanges that have reported readiness for Vasil are Gate.io, OKX, BTCTurk, and WhiteBit. All of these exchanges are now able to support ADA post-hard fork. IOG tweeted this on Tuesday in addition to more information that 94% of all blocks are now produced using Vasil-friendly nodes. Exchanges that have previously reported readiness are LCX, NDAX, and Bitrue. Others, such as Binance, Kraken, Bitfinex, Hotbit, and Upbit, are all reportedly in the process of adding support for Cardano post-upgrade.

Ever since the price of ADA hit its all-time high of $3.10, it has been a consistent downtrend since then. However, just like the news of the hard fork that brought smart contracts capability to the network had been behind the tremendous run, the Vasil hard fork carries similar possibilities.

This was seen back in July when the hard fork was first announced. ADA’s price had rallied above $0.5 before the news of postponement had dropped. This time around, a date has been set for the hard fork, which will likely trigger an upward rally for the digital asset.

Related Reading: The September Curse: Why Bitcoin Price May Touch $10,000

However, the possibility of the price of ADA touching $1 remains very slim. The digital asset would have to do a 100% growth from here to reach this price point. Given the current market trends, there is not enough momentum for it to reach this level.

A more attainable price point is set at $0.6, depending on how investor sentiment turns out at this point. But there would need to be significant buy pressure to be able to push ADA to reach this point in the next 2 weeks.

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