Charles Hoskinson Celebrates Cardano’s Plutus V2 Upgrade with Minswap

Charles Hoskinson, Cardano’s creator, posted a GIF yesterday indicating his approval of the project’s upgrade to smart contracts scripting language as Minswap announced the advantages of the upgrade.

https://t.co/RAWYAzIR1E pic.twitter.com/slUB3hibrC
— Charles Hoskinson (@IOHK_Charles) January 17, 2023

In the quoted post, Minswap Labs introduced “Yield Farming Harvest V2,” a new feature that would permit users to harvest tokens from several farms at once. The team claims it is a brand-new smart contract built with Cardano’s Plutus V2 that enables users to collect rewards from up to 5 farms simultaneously.

Interestingly, Minswap Labs claims that customers can migrate instantly by simply selecting the green “Migrate” button in the Farm UI, agreeing to the terms of the smart contract transaction, and having their funds transferred to the new contract. According to the thread from yesterday, Minswap Labs intends to keep supporting V1. Users can choose to continue with V1 without being concerned about diminishing support.

The DEX is utilizing Plutus V2’s capabilities for the first time, claims Minswap. The team praising the scripting language’s optimization skills disclosed that it increased transaction speed and made the new multiple harvest feature possible.

It’s important to remember that Plutus V2 was one of the main components of the September 2017 Vasil hard fork, which Input Output Global hailed as Cardano’s most important upgrade to date. According to Hoskinson, the cost was cut in half while the transaction size was dramatically reduced. The MuesliSwap DEX, another DEX, reported a 91% decrease in transaction size and a 48% fall in costs as the Cardano founder made this statement.

The transaction size was reduced by 90%, while costs were reduced by 75% in a previous test on the NFT project Artano.

In order to take advantage of these changes, 1,162 projects are being built on the network, according to IOG’s most recent weekly development report. Additionally, it showed that developers had already written 537 Plutus V2 scripts.

According to a recent report, a team has developed and deployed Cardano’s first Python smart contract utilizing a proprietary Pythonic language.

As of press time, DeFi Llama data shows Minswap to be the top Cardano decentralized app by total value at $29.54 million. In the last seven days, TVL has increased by 10.63%.

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