Main navigation

Cardano-Based DEX Shares Result from Leveraging Vasil's Plutus V2: Details

Tue, 01/17/2023 - 12:09
article image
Tomiwabold Olajide
This would mark first time Cardano DEX leveraged improvements from Plutus V2
Cardano-Based DEX Shares Result from Leveraging Vasil's Plutus V2: Details
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Minswap, a Cardano DEX, has announced the release of a new feature: Yield Farming Harvest V2 (Multiple Token Harvest). Harvest V2 is a new and optimized Plutus V2 farming contract. It supports harvesting rewards in multiple farming pools of up to five.

According to it, one of the most requested features by its users was the ability to harvest tokens from multiple farms at once instead of one by one. The newly launched feature aims to solve this issue. Minswap DEX, speaking on the feature, says this would mark the first time it leveraged improvements from Plutus V2.

It describes Plutus V2 as that which enables optimization at the smart contract level, through inline datums and reference scripts. Plutus V2 also helps increase transaction speed and boosts new features such as Multiple Harvest.

The Plutus V2 Cost Model network upgrade went live on Cardano mainnet on Sept. 27, five days after the Vasil upgrade was triggered.

Cardano's Minswap DEX Records Nearly 350% Increase in TVL over Seven Days: Details

Plutus Core is a scripting language utilized on the Cardano ledger. September's Vasil upgrade ushered in a new version of Plutus Core (Plutus V2), a tuned Plutus interpreter, and new cost models for both Plutus V1 and Plutus V2 scripts.

Minswap is the biggest DeFi platform on Cardano, with a TVL (total value locked) of $29.58 million and market dominance of 30.57%. Since the start of 2023, Cardano has seen inflows into its Defi ecosystem as its TVL steadily grew. Nearly all Cardano dApps contributing to its TVL are recording significant monthly gains as TVL grows from $66.33 million at the end of 2022 to a current value of $96.77 million.

Cardano Foundation ranked as top 50 company

In a recent tweet, the Cardano Foundation announced the positive news that it has been featured as a top 50 company in the new CV VC top 50 report, which showcases the development of the blockchain and crypto ecosystem across Crypto Valley.

Cardano: Vasil Introduced Plutus V2 Scripts Gain Traction, Here's Number

The CV VC top 50 report, in collaboration with Bank Frick, is a periodical report that analyzes the top 50 best-performing blockchain projects in Crypto Valley, based on market valuation, funding and the number of employees.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.