Cardano’s leading DeFi ecosystem MuesliSwap has recorded an 800% growth resulting in a massive reduction in ADA’s transaction fees.
The latest surge on the Dapps front has been attributed to the Vasil upgrade. Besides allowing the trading of digital assets, MuesliSwap also offers liquidity in the form of liquidity pools
Known as the first Hybrid DEX for Cardano and cross-blockchain DApp Milkomeda, it launched its support for Plutus Version 2 [v2] smart contracts on October 5th.
Even more intriguing is the fact that the DEX platform’s ADA transaction fees have now been cut in half [by 50%], which will draw more users and ultimately boost activity on the platform and the Cardano network. Users now pay 0.73 ADA on average for transaction fees as opposed to 1.44 ADA previously.
Along with an increase in DEX activity, MuesliSwap’s ADA transaction size has reduced from 14.73 kb to just 1.31 kb per transaction. That is roughly a 91% reduction.
One benefit of smaller transaction sizes is that they result in faster transactions and a corresponding increase in network capacity. Long-term, as the market adjusts to the ongoing economic crisis and a bear market, this could be advantageous for ADA.
Recently, Hydra, the blockchain’s layer-2 scalability solution, successfully demonstrated its capabilities at SundaeSwap, another leading Cardano DEX. Charles Hoskinson, the company’s founder, praised the pilot testing.
Check out TronWeekly’s report here.
Cardano’s Hydra Will Boost ADA’s Adoption
Even though a real launch is still some time off, the DEX asserts that it represents a significant advancement for SundaeSwap and Cardano’s scaling initiatives. On the other hand, the Ada community has praised the action.
Some of the proponents even believed that Hydra will finally force Cardano out of the mainstream cryptocurrency market.
The founder of Cardano claimed that Hydra is a significant advancement in the field of scalability and that it will eventually be used to co-develop and integrate practical applications.
With the Hydra update, a portion of users will have their transactions handled off-chain, with the main-chain ledger serving as a safe settlement layer. Without requiring universal agreement, Hydra will maintain security guarantees while being loosely connected to the main chain, he further added.