In an update posted on Twitter on Wednesday by the company behind Cardano, Input Output Hong Kong (IOHK), it says that 13 cryptocurrency exchanges have confirmed that they are ready for the hard fork, which represents more than 87 % of Cardano (ADA) liquidity. ). The update reduced gas fees by 50% and trade volume by 10 times. Precisely, Reduced transaction size from 14.73 kb to 1.31 kb. At the same time, gas costs from 1.44 ADA to 0.73 ADA. This information was provided by MuesliSwap, a DEX built for Cardano.
The ambition mentioned with the update
The company IOHK has already announced that this is the most ambitious update for Cardano. On Twitter, the company describes this development as the culmination of months of hard work. She also takes this opportunity to thank the entire Cardano community.
On September 27, 2022, the new Plutus V2 cost model was activated on the channel, opening all of Vasil’s features to the developer community.
Originally slated for a June launch, the Vasil upgrade has been postponed twice, most recently due to a bug found in the previous version of the Cardano node, which caused incompatibility issues. News of the upgrade has seen social media discussions about ADA increase by 35.16% in the past seven days since Monday, according to market intelligence platform Santiment, third behind Ripple and Ethereum.
The benefits of the update
For the Cardano team, the stars needed to trigger the upgrade were aligned.
Cardano creator Charles Hoskinson breaks down the updated numbers: “ Save 10x the space at half the cost. I call it innovation“. The Vasil hard fork was designed to increase the scalability of the Cardano network. This Vasil upgrade brings significant performance and capability improvements. Examples include higher throughput capability through broadcast pipelining. Also, there is a significant improvement in script performance and reduced costs.
Decentralized applications (Dapps) using new scripts and Plutus cost model can already see the impact of Vasil’s upgrade. New features and improvements in Plutus V2 enable DApp developers to create new experiences. In addition, a broadcast pipeline now offers greater throughput and network capacity.
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