Vasil Upgrade Allows Ten Times Transaction Size At Half The Cost
A Cardano decentralized exchange (DEX) announced via Twitter that the Plutus v2 upgrades will see a significant reduction in transaction fees, as promised. The exchange announced that they were close to launching Plutus v2 scripts along with a benchmark between v1 and v2 transactions.
Cardano’s Vasil hard fork brought the Vasil upgrade to the mainnet on Sept. 22nd. The Plutus v2 cost model became active on Epoch 366 on Sept. 27th, earlier this week. This brings full Vasil functionality to the network. This updated cost model was expected to make smart contracts much more cost-effective and efficient and is backed up by the benchmark below.
10x savings on space at half the cost. I call that innovation https://t.co/Sa1OonZTgc
— Charles Hoskinson (@IOHK_Charles) September 29, 2022
In Epoch 365, prior to the Plutus v2 cost model, a block with 10 transactions totaling 24,561 ADA collected around 3.4 ADA in fees. This is around 0.014% of the total transactions.
In the current epoch, 366, a block with 10 transactions totaling 169,265 ADA saw fees of 2.19 ADA.
The Vasil upgrade focuses more on scaling and network/ledger optimization. The Alonzo era/upgrade introduced smart contract support for the network in September 2021.
