In an update posted on Twitter on Wednesday by the company behind Cardano, Input Output Hong Kong (IOHK), it states that 13 cryptocurrency exchanges have confirmed they are ready for the hard fork, representing more than 87% of liquidity. of Cardano (ADA). The update reduced gas fees by 50% and trade size by 10 times. Precisely, transaction size decreased from 14.73 kb to 1.31 kb. In parallel, gas costs from 1.44 ADA to 0.73 ADA. This information was provided by MuesliSwap, a DEX built for Cardano.
The stated ambition of the update
The IOHK company had 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 up all the features of Vasil to the developer community.
Originally slated for a June launch, the Vasil upgrade has had its launch day postponed twice, most recently due to a bug discovered in the previous version of Cardano’s node, which created incompatibility issues. . News of the upgrade saw social media discussions about ADA increase by 35.16% in the last seven days from 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 touts the updated numbers: “ Save 10x the space for 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 via broadcast pipelining. Also, there is a marked improvement in scripting performance and reduced costs.
Decentralized applications (Dapps) using Plutus’ new scripts and cost model can already see the impact of Vasil’s upgrade. New features and enhancements in Plutus V2 enable DApp developers to create new experiences. In addition, broadcast pipelining now provides greater network throughput and capacity.
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