Cardano becomes a crowd puller with its upcoming payment service

• Cardano’s new payment service Hydra Pay was poised to revolutionize Web3 micropayments.
• The service would be integrated with all Cardano wallets in the network.

Cardano [ADA] has seen significant price volatility since the commencement of the market rally last month. But despite the ebbs and flows, the proof-of stake (PoS) token managed to absorb impressive gains of 11% until press time, data from CoinMarketCap showed.

Read Cardano’s [ADA] Price Prediction 2023-24

As depicted below, ADA’s market sentiment, which was hammered after the U.S. Securities and Exchange Commission’s (SEC) labeling of the token as a security, improved drastically thanks to the latest rally.

Hoping to build more momentum, Cardano ecosystem was working on an innovative new feature. A sneak peek of it was recently shared on social media.

Get ready for Hydra Pay

A popular member of the Cardano community, ADA Whale, teased a prospective decentralized payment service called Hydra Pay. The solution, powered by Cardano’s recently launched layer-2 solution Hydra Head, was expected to provide near-instant settlement on the network.

ADA Whale added that the service would be compatible with all Cardano wallets in the network, enabling users to enjoy cheap and faster inter-wallet payments. However, the sender would first need to lock up funds on a smart contract in order to conduct a transaction.  After presenting proof supplied by the sender as evidence of payment, the funds can be redeemed by the recipient.

Moreover, Hydra Pay has the potential to revolutionize micropayments within the Web3 realm. Although Cardano hasn’t released anything official, the teaser has created a ton of anticipation that would have fans and industry watchers keenly monitoring its progress.

Development activity remains steady

In contrast to the erratic swings seen in the latter half of 2022, Cardano’s development activity has maintained a stable pace throughout 2023. This indicated that developers were consistently working to introduce new features and improvements. However, activity has declined progressively over the past month, which was a bit of a concern.

How much are 1,10,100 ADAs worth today?

Whales grab ADA

Large addresses showed their affinity towards ADA and were also seen steadily adding the coins to their portfolios. Over the last month, addresses holding between 1,000-10 million ADA tokens swelled in number, implying that whales were confident in the token’s long-term prospects.