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

Sat, 12/10/2022 - 19:01
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Tomiwabold Olajide
Plutus V2 increases operational efficiency of dApps
Cardano: Vasil Introduced Plutus V2 Scripts Gain Traction, Here's Number
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The Plutus V2 Cost Model network upgrade went live on the Cardano mainnet on Sept. 27, five days after the Vasil upgrade was triggered.

The Plutus V2 Cost Model network upgrade, per the Cardano team, increases the operational efficiency of dApps (decentralized applications).

Speaking of Plutus, it is the smart contract platform of the Cardano blockchain that allows for the writing of applications that interact with the blockchain.

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

Cardano's Vasil Now 24 Hours Away, Hardware Wallet Ledger Announces Support

The Cardano network reached the significant milestone of 3,000 Plutus scripts at the start of August and has shown no signs of slowing down since then.

On Sept. 22, the date of the Vasil hard fork, the number of smart contracts or Plutus scripts stood at 3,292. According to the most recent weekly report compiled by Cardano builder IOG, the number of Plutus scripts is 4,347, of which 400 are Plutus V2 scripts.

Currently, 1,151 projects are in various stages of development on the Cardano blockchain. There are also 7.2 million native tokens minted across 66,530 policies. The total number of transactions is now 56.3 million.

Cardano's decentralization drive

In a thread of tweets shared by crypto researcher Sooraj, Cardano remains at the forefront of research and the development of an objective decentralization measurement framework: the Edinburgh Decentralization Index (EDI).

EDI is an index developed by the University of Edinburgh to measure the level of decentralization of public blockchains.

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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.