Cardano: Plutus V2 Cost Model is Live, What’s New?

Paigambar Mohan Raj
Source: Phemex

Days after its big Vasil upgrade, Cardano (ADA) had yet another update on the 27th of September. The Plutus V2 Cost Model network upgrade is now live on the ADA mainnet. The Input-Output team took to Twitter and shared the successful update with the community.

According to the Cardano team, the Plutus V2 Cost Model network upgrade makes DApps (decentralized applications) more efficient to run. Not only that, but DApps are also cheaper with the new update. However, the Input-Output team does admit that the extent of the advantages would depend on the individual DApps themselves. Nonetheless, they highlight that the initial reports look very “promising.”

To showcase Plutus V2’s efficiency, Input Output gave the example of Artano, a Cardano-based NFT project. Post utilizing Plutus V2, the NFT project saw over 90% reduction in script size and over 75% reduction in corresponding costs.

IOG stated that following the hard fork, monitoring will continue for at least four epochs before a judgment is taken on further adjustments depending on “normal” network capacity.

Whales grab Cardano when Plutus V2 upgrade commenced

Prior to the Plutus V2 upgrade, the community was eagerly waiting for the Vasil upgrade, which had been delayed twice. A similar excitement swept across the Cardano community once again for the Plutus V2 upgrade.

A similar sentiment was felt with the whales as they lined up to grab ADA off the shelves. According to WhaleStats‘ data, Cardano was back on the top 10 highest purchased tokens among the 100 biggest BSC whales.

However, the markets have taken another beating at press time. The global cryptocurrency market cap fell by 5.7% in the last 24 hours. Ethereum (ETH) fell below the $1.3k level, while Bitcoin (BTC) fell below $19k once again.

At press time, Cardano (ADA) was trading at $0.430308, down by 6.8% in the last 24 hours.