Cardano (ADA) price fails to take off despite Hydra launch - Crypto Economy
Cardano’s ADA price has stayed relatively stable despite the enthusiasm surrounding the recent launch of Hydra, a new scaling solution for the Cardano blockchain. About 24 hours ago, the first Hydra head...
Cardano’s ADA price has stayed relatively stable despite the enthusiasm surrounding the recent launch of Hydra, a new scaling solution for the Cardano blockchain. About 24 hours ago, the first Hydra head opened on the mainnet, but so far, there hasn’t been much of a market reaction, and the price of ADA hasn’t really increased as a result.
Input Output Hong Kong (IOHK), the start-up that developed the Cardano protocol, recently released an update in which it revealed Hydra, a family of layer 2 protocols, as the latest standard for scalability on the proof-of-stake (PoS) network. Hydra is intended to make Cardano more flexible and adaptable for various use cases that require quick and inexpensive transactions.
Hydra is a family of layer 2 protocols designed to make #Cardano more scalable and adaptable for various use cases that require fast and cheap transactions. The first Hydra head recently opened on mainnet.
This video is a great starting point for exploring the current release,… pic.twitter.com/g1moYifGNj
— Input Output (@InputOutputHK) May 4, 2023
The purpose of the Cardano Hydra protocol’s development, as stated in a video glimpse presented by developer Sebastian Nagel, is to scale the parent blockchain’s transactions in order to increase its usability.
The Hydra protocol achieves this by allowing for off-chain transactions to occur simultaneously without compromising the security of the parent blockchain. This innovation will allow Cardano to compete with other blockchain networks that are currently more widely adopted in areas such as DeFi and NFTs.
Cardano (ADA) price fails to take off
Even though Hydra offers several improvements to the popular blockchain network, including increased throughput, minimized latency, and cost-efficient solutions, the price of Cardano (ADA) has not seen significant positive price action. In fact, following the Hydra announcement, the price kept going down continuously.
While this could be due to overall market sentiment or a lack of understanding of the potential impact of Hydra on Cardano’s future development, some investors may view this as an opportunity to accumulate Cardano (ADA) at a lower price point.
Cardano (ADA) is currently trading at $0.391935 with a 24-hour trading volume of more than $177 million. The seventh-largest cryptocurrency project in the world by trading volume has decreased by just 0.44% over the past day, indicating that the recently released Hydra upgrade had no effect on its price, at least for the time being. Moreover, it has declined by 4.14% in the last seven days, according to CoinMarketCap data.
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