Cardano (ADA) Upgrades to Plutus V2 Cost Model

2 years ago · Updated 2 years ago

✍️ 28 September, 2022 - 17:37 👤 Editor: Jakub Motyka

The Cardano Plutus (ADA) network update is complete.
The new update will allow DApps to work more efficiently and economic.

What will happen to the price of ADA?

The new Cardano hard fork is now live, and with it the update of the Plutus V2 Cost Model network. According to a statement from the Input Output team to via their Twitter account, the process ended on September 27. This is the most important network update since the implementation of smart contracts with the Alonso hard fork.

The team behind Cardano (ADA) announced that the Plutus v2 Cost Model update is now available within their mainnet. This has been designed to help make DApps, or decentralized applications, more efficient and cheaper to operate. In the words of the team, the first reports have been very “promising”.

What Changes Brings Plutus V2 Cost Model To The Cardano (ADA) Network?

According to the Input Output group, the scope of the benefits of the new update may vary according to the characteristics of each DApp. To demonstrate the efficiency of Plutus V2, they used Artano, the NFT marketplace, as an example. The project experienced a 90% reduction in the size of its script and a 75% reduction in its operational costs.

However, the Cardano (ADA) team noted that they will continue to monitor the network after the hard fork and the Plutus V2 update. They do not rule out the need for further adjustments, according to the “normal” network capabilities and demands. Let's remember that once the cryptocurrency market recovered, the daily volume could multiply several times with respect to the current one.

What Happened To The Price Of Cardano (ADA)?

In the moments leading up to Cardano's Vasil hard fork, excitement similar to that experienced by the Merge spread through the community. Many whales made massive purchases of ADA, positioning itself as one of the 10 most purchased tokens by BSC whales. However, the value of the token did not experience a large movement, due to current market conditions.

With the recent announcements from the Federal Reserve and the central banks of several countries, the total market capitalization of cryptocurrencies fell by 5.7%. Ethereum (ETH), Bitcoin (BTC) and the rest of the cryptocurrencies are making a great effort to stay on their supports. At the time of publication, the price of ADA is above $0.433, after a decrease of 4.7% in the last 24 hours.

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