by Lipika Deka
Cardano’s long-awaited Vasil Update is now only a few hours away which promises to enhance smart contract capabilities, increase the chain’s throughput and reduce costs. In its most recent tweet, the blockchain R&D company IOHK described what to anticipate after the hard fork.
Vasil is a component of the third development cycle for Cardano. The fork is named after notable Cardano community member and Bulgarian mathematician Vasil Dabov.
Interestingly the update arrives in the month of ADA’s fifth anniversary which it claims would significantly improve the PoS network’s capabilities.
First, the blog talks about the native smart contract language called Plutus. As the core component of Cardano, Plutus is tasked to segregate the on-chain transaction validation from the off-chain code that powers smart contracts. This off-chain code runs on a user’s computer.
The new Plutus v2 features will be accessible one epoch following the hard fork on Thursday, which is anticipated to take place on September 27, the thread read.
Other enhancements post-Vasil will include “diffusion pipelining,” a technique that scales up block propagation times leading to higher throughput. The goal of this upgrade is to ensure that blocks can be shared [propagated] in the network within five seconds after their creation.
According to the blog post, this scaling enhancement will speed up the process of communicating information about newly formed blocks among network participants. It also provides more space for block size and together with Plutus script improvements, creates a more scalable setting overall.
Cardano’s DeFi TVL Grew By A Whopping 565,000%
Data from DeFi data tracker DefiLlama suggested that Aada Finance, a noncustodial lending protocol on the Cardano mainnet, recently tapped a staggering growth in Total Value Locked [TVL]. As per reports, Aada Finance recorded a growth of 565,873% over the past week.
After months of open testnet use, Aada Finance, a groundbreaking platform that enables lending and borrowing of native Cardano assets, went live on the mainnet exactly a week ago, on September 13.
The lending platform asserts that the pre-Vasil hard fork sentiment exactly matches the debut of the V1 protocol, which is why it decided to do so before the much-awaited upgrade.