The average fee paid to move funds across the Cardano ($ADA) blockchain dropped after the implementation of the Vasil hard fork, which brought in numerous improvements to the network. Fes dropped along with its on-chain activity.

According to CryptoCompare’s latest Asset Report, the Vasil hard fork brought several improvements to Cardano after being implemented on September 22. One of the improvements was a reduction in transaction fees, with the average daily transaction fee dropping from $0.16 on the day of the fork to $0.14 within a few days.

As a result, the report adds, the average daily transaction fee for the month fell 9.1% from August to September, from $0.18 to $0.16.

Source: CryptoCompare

Speculation surrounding the price of $ADA also dropped, with trading volumes for derivatives contracts surging ahead of the fork’s date. After the hard fork was implemented there was a steep drop in Cardano futures volumes, the report notes, although there has been a slight uptick in open interest since the upgrade.

Cardano’s On-Chin Activity Drops

The report details that while the Vasil hard fork was hoped to “ignite more activity in the Cardano chain,” it has so far “failed at increasing activity on the chain” based on transaction count and active daily user data.

Per the firm’s report, the number of active users on Cardano has dropped by 40.1% over a six-month period from April to September, and 1.72% from August to September. The number of transactions conducted on the network dropped 41.9% over the six-month period, and 9.94% from August to September.

Source: CryptoCompare

As CryptoGlobe reported, the total value locked on the decentralized finance ecosystem of Cardano has dropped to an 8-month low amid a wider downturn in the total value locked on cryptocurrency networks, as investors move away from risk assets.

The community is nevertheless bullish on Cardano, however. Price estimates made via CoinMarketCap reveal that 10,800 users believe the cryptocurrency will trade at $$0.577 by the end of the month, up 35% from the cryptocurrency’s current $0.42 price tag.

Recently, a study published by the  Basil Committee on Banking Supervision (BCBS) has revealed that the world’s top banks have exposure to around $9 billion worth of cryptocurrencies, including Cardano ($ADA).

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