The Vasil upgrade will introduce four Cardano improvement proposals, which are CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs).
CIP-33 will ensure that all transactions use a script reference instead of holding the whole script. It is expected to reduce the transaction size of smart contracts, effectively translating into lower fees. CIP-31 will allow Dapps to access transactional output without having to consume it, while CIP-32 will enable the community and developers to store data on-chain instead of storing a hash of it, as Cardano currently does. CIP-40 will improve the transaction validation experience, including just enough collateral into a transaction for it to go through.
According to the crypto analytics platform Santiment, Cardano’s “development activity has hit all-time high levels, as ADA’s team worked on innovating while prices were suppressed.” Additionally, on Monday, the network reached an important milestone of five million custom tokens minted on the Cardano blockchain.
In March, Cardano founder Charles Hoskinson said that “many Cardano DApps are waiting for the Vasil hardfork in June to launch,” potentially bringing TVL to the record levels in 2022. If it comes to be true, ADA can even reclaim its ATH of $3.
