HomeCrypto NewsMarketHoskinson Reacts As Minswap Hails The Benefits Of Cardano's Plutus V2

Hoskinson Reacts As Minswap Hails The Benefits Of Cardano’s Plutus V2

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Plutus V2 continues to impress months after release with the Vasil hard fork.

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In a tweet yesterday, Cardano’s Charles Hoskinson gave a nod of approval using a GIF as the builders of the popular Cardano decentralized exchange Minswap heralded the benefits of the network’s upgrade to its smart contract scripting language.

In the quoted thread, Minswap Labs announced “Yield Farming Harvest V2,” introducing a new feature allowing users to harvest tokens from multiple farms at once. According to the team, it is a new smart contract built with Cardano’s Plutus V2 and will allow users to harvest rewards from up to 5 farms at once.

Notably, Minswap Labs says users can migrate easily by clicking the green “Migrate” button in the Farm UI and signing the smart contract transaction, after which their funds will be withdrawn and staked in the new contract. Minswap Labs plans to maintain support for V1, per the thread yesterday. Consequently, users can choose to stick with V1 with no worry about dwindling support.

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According to Minswap, it is the first time that the DEX has leveraged the capabilities of Plutus V2. The team touting the scripting language’s optimization capabilities revealed that it improved transaction speed and made the new multiple harvest feature possible.

It is worth noting that Plutus V2 was one of the key features of the Vasil hard fork last September, which Input Output Global touted as Cardano’s most significant upgrade to date. Hoskinson asserted that it significantly reduced transaction size while halving the cost. The Cardano founder said this as MuesliSwap, another DEX, revealed a 91% decrease in transaction size and a 48% decrease in fees.

Meanwhile, a previous test on Artano, an NFT project, showed a 90% decrease in transaction size and a 75% decrease in fees.

Per IOG’s latest weekly development report, 1,162 projects are building on the network to take advantage of these changes. It also revealed that developers had written 537 Plutus V2 scripts so far.

Meanwhile, per a recent report, a team has compiled and deployed Cardano’s first Python smart contract using a proprietary Pythonic language.

It bears mentioning that Minswap is the leading Cardano decentralized app by total value locked with $29.54 million per data from DeFi Llama at press time. It has seen a 10.63% increase in TVL over the past seven days.

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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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