While you can read the entire whitepaper for specifics, the TLDR version can be summed up as:
An entirely new blockchain for Vulcano!
New chain and wallet has already been completed AND tested successfully!
Masternodes! - 100:1 Coin Upgrade for Supply Reduction
Vulcano Hardware Nodes
The Future Vulcano Foundation
An Initiative to Fund Geothermal Research
Plans for International Expansion and Intelligent Decentralization
All of us on the Vulcano Team would like to give you our heartfelt thanks for sticking with the project through thick and thin. We believe that there is a real use case and functionality for Vulcano in the future, and we can’t wait to travel with you on this journey of subterranean discovery and adventure!
Vulcano: Get Ready for the Eruption!
TLDR: 
Once you have the new coins, don’t send them to the old wallet!
It is here! The OFFICIAL VULCANO COIN UPGRADE ANNOUNCEMENT!
We have been working so hard to get to this point, and we can’t wait for you to join us in making Vulcano a success! In order to get to that point, it is necessary to upgrade the code base.
When: August 21, 23:59 UTC (actual swap happens on the 22nd, but get your coins in EARLY)
Where: CoinExchange.io
Why: NEW CODE BASE! Please see the whitepaper for information on exactly what Vulcano will do after the upgrade. The basics are:
Supply Reduction (100:1)
Masternodes! (50,000 Upgraded VULC (To get this amount, you would need 5,000,000 of the old VULC on CoinExchange.io for the upgrade)
New Reward Schedule
New Business and Research Use Cases
NOTICE: Coins that have not been sent to CoinExchange.io by 23:59 UTC on the 21st will not be upgraded! This means that they will be dead coins and won’t be able to interact with the exchanges.
If you are currently holding your VULC on a staking pool, please check with your specific pool to determine whether they will process the upgrade on your behalf by sending coins through the exchange. However, to make sure that you receive the upgraded VULC, you are HIGHLY_ recommended to WITHDRAW your VULC and send it to CoinExchange.io. Due to legal reasons, we require that all upgrades be processed through the exchanges to ensure transparency and accountability and will not be handling any upgrades directly. We are still waiting to hear from CREX24 for confirmation that they will also process the upgrade as well
The majority of the coins remaining from the premine will be burnt in a cryptographically secure, auditable, and particularly extraordinary fashion. That which remain will be used to provide liquidity for new exchange listings, legal fees, and other operational expenses (a report of which will be published at least quarterly in compliance with 501(c)3 charitable organization reporting requirements). To confirm, these coins will not be kept by the team for its personal use and only used to advance the development of the Vulcano Project in ways that everyone can see.
IMPORTANT: AFTER YOU RECEIVE YOUR UPGRADED VULCANO, DO NOT SEND THEM TO YOUR OLD WALLET. YOU MUST DOWNLOAD THE NEW WALLET AND USE THAT FOR YOUR UPGRADED COINS. ONCE YOUR VULC IS ON THE EXCHANGE AND CONFIRMED, IT IS RECOMMENDED THAT YOU UNINSTALL THE OLD WALLET TO PREVENT CONFUSION.
Thank you for sticking with us! We look forward to erupting onto the blockchain scene with a real use case behind Vulcano! Watch this space for more news!
-Vulcano Team