Cardano Enthusiasts Are Disappointed with Coinbase — Here is Why

Cardano Enthusiasts Are Disappointed with Coinbase — Here is Why

 

By now, its pretty well recognized that the Cardano (ADA) community eagerly awaits moving forward with the long-overdue Vasil upgrade. But U.S.-based cryptocurrency exchange platform Coinbase is taking its own sweet time getting ready for the upcoming hard fork, drawing substantial fire from ADA enthusiasts.

 

Cardano is a peer-reviewed Proof-of-stake (PoS) network that is smart contract-enabled and aims to resolve global issues encompassing identity verification & management. Its native token ADA is the eighth-largest cryptocurrency globally by market capitalization, according to data from CoinMarketCap.

 

 

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Per a recently-published update by Input Output Global (IOG) — the development lab for the Cardano Blockchain Technology — Bitrue, BitMart, MEXC, and LCX are the only exchanges that have already updated their ADA nodes in readiness for the Vasil upgrade. Others like Bitfinex, Hotbit, Upbit, Kraken, OKex, and Binance are currently integrating the eaerly-anticipated upgrade.

 

Coinbase, particularly, has not started preparing for the Vasil hard fork.

 

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For the Vasil hard fork to go live on the mainnet, at least 25 Cryptocurrency Exchanges, which account for most of ADA is liquidity, must be onboarded. If most Crypto Exchanges update their nodes, Coinbase Exchange users could encounter problems while conducting ADA transactions, such as coin deposits and especially withdrawals.

 

Per PoolTool, the bulk of Cardano nodes is already reporting the latest version. 77 percent of block-producing stake pool operators (SPOs) are already running on node 1.35.3 — this is well above the target of 75%.

 

Vasil, named after late Cardano champion Mathematician Vasil Dabov, is assumed to improve Cardano is scaling capabilities dramatically.

 

Also Read: Coinbase Bug Allowed Traders To Sell Crypto For 100 Times The Price

 

The Vasil hard fork has already been postponed multiple times this year, with the most recent being at the end of July owing to bugs discovered on the test net. However, Cardano founder Charles Hoskinson recently hinted the Vasil upgrade will ship “sometime in September”. Interestingly, it will coincide with Ethereum’s much-anticipated Merge event.