Merely a month after the Cardano network underwent the latest upgrade, dubbed the Vasil upgrade, things are looking up on the Dapps front. Apparently, the upgrade, which started on Sept 22 and peaked on Sept 27, has triggered a significant increase in Dapp’s activity, especially on one of the first Cardano-focused DEX platforms. The platform, MuesliSwap, has seen an 800% growth in DEX since the upgrade.
MuesliSwap is a Hybrid DEX that facilitates Cardano and Milkomeda. It launched its support for Plutus Version 2 (v2) smart contracts on October 5th. Interestingly, it’s barely a month since the Vasil upgrade was installed, meaning that this trend could continue and possibly spill over to other platforms.
Transaction size on MuesliSwap reduced by 91%
Besides the growth in DEX activity, the ADA transaction size on MuesliSwap has reduced from the previous 14.73 kb to just 1.31 KB per transaction. That’s around a 91% decrease. For one, a decrease in transaction sizes means an increase in transaction speed and a corresponding increase in the network capacity. This could be good for ADA in the long run as the market readjusts to the ongoing economic crisis and a bear market.
As a platform, MuesliSwap will gain by attracting more users and building up a good portfolio in the DEX industry.
ADA transaction fees slashed by 50%
Even more interesting is the fact that ADA transaction fees have now been slashed by half (50%) on the DEX platform, something that will attract more users and ultimately increase the activity on both the platform and the Cardano network. Now, users are paying an average of 0.73 ADA in transaction fees as compared to the previous 1.44 ADA.
Cardano TVL unchanged as NFTs thrive
While the Vasil upgrade has impacted various metrics of the Cardano ecosystem, it doesn’t appear to have had much effect on the network’s Total Value Locked (TVL) within the ADA DeFi space. DeFiLlama puts the network’s TVL at around $65.39 million. The total figure comes to around $84.16 million if staking is considered as well.
Meanwhile, the NFT space is exploding. Over 6.4 million NFT assets have been minted since the Vasil upgrade took place, with over 63,000 policies involved. To top it all, NFT trading volumes on Cardano have increased noticeably. Cardano is now among the top 3 most active NFT blockchain networks in the industry.