All Vasil Features Goes Live On Cardano Mainnet As ADA Turns Five

Cardano (ADA) Vasil Improvements Goes Live On The Mainnet As ADA Turns Five.

All Vasil features are live on the chain, promising improved user and development experiences.

Days after the launch of the long-anticipated Vasil hard fork, the Plutus V2 cost model finally went live on the chain. Input Output Global (IOG), the development team behind the Cardano network, disclosed this in a tweet on Tuesday.

“We’re pleased to announce that after a successful Vasil upgrade on the 22nd of Sept, the new capabilities (including node & CLI support for reference inputs, inline datums, reference scripts), along with a new Plutus cost model, are now available on the Cardano mainnet!” IOG wrote.

We’re pleased to announce that after a successful #Vasil upgrade on the 22nd of Sept, the new capabilities (including node & CLI support for reference inputs, inline datums, reference scripts), along with a new #Plutus cost model, are now available on the #Cardano mainnet! 🎉 pic.twitter.com/USja3TcJNi

— Input Output (@InputOutputHK) September 27, 2022

The new cost model will make decentralized applications (DApps) more efficient and cheaper to run, says IOG. Notably, the marginal change brought about by this new cost model will vary from one DApp to the next. However, initial testing of the new cost model by Artano, an NFT project on the Cardano network, revealed an over 90% reduction in script size and over 75% reduction in cost.

According to a blog post by IOG, nearly two weeks ago, several DApps have been waiting to take advantage of the new Plutus version. These DApps include Indigo protocol, a tokenization network, Liqwid Finance, and Maladex, a Cardano-based decentralized exchange (DEX).

It bears mentioning that the blockchain network conceived by Charles Hoskinson and Jeremy Wood turns five this month. The network has made significant progress along its roadmap, moving from a federated (centralized) chain to one of the most decentralized networks in the crypto space. Currently, the network is in the penultimate phase in its roadmap, the Basho era, an era of improved scalability.

Cardano turns 5 this month. To celebrate this marked occasion, IOG takes a trip down memory lane and looks back at some of the milestones that helped define what #Cardano has become: https://t.co/WsbhYIEiTV

— Input Output (@InputOutputHK) September 27, 2022

In part of a recent Twitter thread, Hoskinson has hinted that IOG will usher the network into the Voltaire era next year. The founder noted that they would make significant contributions to governance.

Cardano Blockchain Insights shows that there are now over 3.5 million ADA wallets. Furthermore, 1.2 million of these addresses are staking their holdings, according to Pooltool.io. With 25.06 billion ADA staked, it represents nearly 74% of the total supply.

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