Main navigation

Cardano DEX Sees 788% Growth in User Activity Post-Vasil: Details

Tue, 10/18/2022 - 13:51
article image
Tomiwabold Olajide
Cardano dApps record significant increases in user activity
Cardano DEX Sees 788% Growth in User Activity Post-Vasil: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Vasil update was triggered on the Cardano mainnet on Sept. 22, while full capabilities were deployed on Sept. 27. The impact of the Vasil update is seen as Cardano dApps record significant increases in user activity, with Cardano DEX Muesliswap demonstrating 788% growth in the last 30 days.

Cardano dApps
Cardano dApps

MuesliSwap, which describes itself as the first decentralized exchange for Cardano and Milkomeda and the first Hybrid DEX on Cardano, launched its Plutus v2 contracts and liquidity pools on Oct. 5.

Cardano DEX Reports Vasil's Impact on Fees and Transaction Size: Details

For MuesliSwap, Vasil provided significant benefits in drastically reducing transaction size and market operation fees. The Cardano DEX reported an almost 91% slash in transaction size from 14.73 KB to 1.31 KB, and also a nearly 50% decrease in fees from 1.44 ADA to 0.73 ADA when comparing Plutus V1 and V2.

TVL unimpacted, but NFT space is changing

Several weeks after the Vasil update, the Cardano TVL, which refers to the total value locked in its DeFi ecosystem, remained mostly unchanged. According to DefiLlama, Cardano's TVL is at $65.39 million. With the inclusion of staking, TVL is at $84.16 million. AadaFinance (AADA) is demonstrating 80% growth in TVL in the last 30 days. The TVL of ADAX pro is also up 21% in the same time frame.

While the TVL was unimpacted after Vasil, the NFT space is growing, with over 6.4 million native assets minted across 63,064 policies. Cardano has also broken into the top three NFT chains amid a huge spike in 24-hour NFT trading volumes.

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.