Cardano DEX Sees 788% Growth in User Activity Post-Vasil: Details

The Vasil update was triggered on the Cardano mainnet on Sept. 22, while full capabilities were deployed on Sept. 27. The impact of the Vasil update is seen as Cardano dApps record significant increases in user activity, with Cardano DEX Muesliswap demonstrating 788% growth in the last 30 days.

Cardano dApps

MuesliSwap, which describes itself as the first decentralized exchange for Cardano and Milkomeda and the first Hybrid DEX on Cardano, launched its Plutus v2 contracts and liquidity pools on Oct. 5.

For MuesliSwap, Vasil provided significant benefits in drastically reducing transaction size and market operation fees. The Cardano DEX reported an almost 91% slash in transaction size from 14.73 KB to 1.31 KB, and also a nearly 50% decrease in fees from 1.44 ADA to 0.73 ADA when comparing Plutus V1 and V2.

TVL unimpacted, but NFT space is changing

Several weeks after the Vasil update, the Cardano TVL, which refers to the total value locked in its DeFi ecosystem, remained mostly unchanged. According to DefiLlama, Cardano’s TVL is at $65.39 million. With the inclusion of staking, TVL is at $84.16 million. AadaFinance (AADA) is demonstrating 80% growth in TVL in the last 30 days. The TVL of ADAX pro is also up 21% in the same time frame.

While the TVL was unimpacted after Vasil, the NFT space is growing, with over 6.4 million native assets minted across 63,064 policies. Cardano has also broken into the top three NFT chains amid a huge spike in 24-hour NFT trading volumes.