Cardano's vasil upgrade will take place on Sept. 22, according to a statement from  Input Output (IOHK) on Twitter.

The vasil upgrade is designed to increase scalability on the Cardano blockchain, while also reducing transaction costs. The release had been set for earlier in the summer, but following minor delays it will now take place in September – several days after Ethereum's Merge.

"Following the successful completion & extensive testing of all core components, plus confirmed community readiness, we along with the Cardano Foundation, can today announce 22nd September for the Vasil upgrade on the Cardano mainnet," the Friday tweet read.

IOHK was launched in 2015 by Cardano founder Charles Hoskinson and Jeremy Wood. Its focus is research and development of the Cardano blockchain. The Cardano team is split across three independent Cardano-centric entities, which include the Cardano Foundation and Emurgo, as well as IOHK.

The post went on to say vasil is the "most significant Cardano upgrade to date, bringing increased network capacity and lower cost transactions." The firm also said developers will be able to create more powerful and efficient blockchain-based applications amid enhancements to smart contract platform plutus.

The price of Cardano's native token, ada, is up 3.4% over the past 24 hours, and over 10.3% in the last seven days. This price action comes as many cryptocurrencies are lagging, with most of the top 10 cryptocurrencies by market cap down in the past week.

Bitcoin is trading down 2.2% at $19,863 in the past 24 hours, while ether shed 4.4% in the same period to trade at $1,558.