Cardano gears up for an important upgrade: Is this the push ADA needs
Cardano’s development activity saw an uptrend in the past week. The network reached an important milestone in its Hydra scaling solution. After facing consistent declines since mid-March, the Cardano [ADA]...
- Cardano’s development activity saw an uptrend in the past week.
- The network reached an important milestone in its Hydra scaling solution.
After facing consistent declines since mid-March, the Cardano [ADA] network’s development activity showed signs of recovery in the past week, data from Santiment revealed.
Read Cardano’s [ADA] Price Prediction 2023-24
Development activity is an important indicator to evaluate the prospects of a blockchain, with high values implying that the network was gearing up to introduce new features or polish the existing ones.
In Cardano’s case, especially, this was a healthy sign, as the network was about to push a major upgrade.
Cardano scales and how!
Cardano published the latest edition of its weekly development report on 31 March. One important update was regarding the network’s upcoming layer 2 scalability solution, Hydra.
As per the report, the Hydra development team conducted a demo of Hydra heads running on the mainnet, reaching a significant milestone before the eventual release. The team added that further capabilities will be developed to make it possible for applications to use the Hydra Head protocol.
Additionally, the roadmap for Hydra was updated to allow more user participation and community discussions.
🗞️It’s your favorite time of the week: #EssentialCardano development update time!
Check out this week’s highlights and get the lowdown on the core technology, wallets and services, smart contracts, and scaling and governance developments. https://t.co/4WVKY5ysNF
— Input Output (@InputOutputHK) March 31, 2023
Hydra Head is the first protocol of the Hydra family, which lays the foundation for more advanced deployment scenarios. Developers can build specialized protocols on top of the Cardano chain by using Hydra Head.
Moreover, Hydra is part of Cardano’s ambitious Basho roadmap, focused on improving the scalability and interoperability of the network. The scaling solution aims to increase transaction speed and reduce the cost associated with each.
The weekly report also stated some vital statistics tied to network growth. A total of 119 projects have been launched on the network since its launch while the total number of transactions topped 63 million.
How much are 1,10,100 ADAs worth today?
Will ADA take a bullish turn?
ADA registered losses of 9% in March. However, the last week stemmed the tide, during which it rose 4%, per CoinMarketCap.
As per Coinglass, ADA’s Open Interest (OI) increased to 196.8 million at press time, representing a gain of over 10% in the 24-hour period. Over the weekly period, the gains were to the tune of 14%. The funding rates across most exchanges were neutral, implying that bullish and bearish forces were at a balance in the market.
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