Cardano reaches 2 million wallets and accelerates on Hydra

The price of the ADA exceeds 2 dollars, while the blockchain now has 2 million wallets. The network is growing and will support this increase with Hydra.

The price of ADA, Cardano’s native token, has been under pressure in recent weeks. Unlike competing networks, its capitalization was stagnating. In November, it starts to rise again.

On November 3, the price of ADA rose 8.75% to 2.12 dollars. It thus takes 5th place in the hierarchy of crypto-assets, a rank that the SOL de Solana had taken from it. The competition is fierce for Ethereum’s rivals.

After Alonzo, make way for Hydra

In August and until the beginning of September, Cardano was in a dynamic state. The blockchain and its token were carried by the imminence of an important update: Alonzo. This finally signed the arrival of smart contracts.

But the effect of this feature on the rise in the price of ADA has since vanished. The token needs new growth levers, especially if it is to compete with the very dynamic Solana network.

Recent news could play this role. In a tweet, the Cardano Foundation indicates that it has reached the milestone of 2 million wallets. This figure underlines the rapid growth in the number of users.

The Cardano blockchain reached its first million wallets on May 22, 2021. In just under 6 months, it therefore won an additional million. A performance that does not fail to congratulate the Cardano community.

“It wasn’t that long ago that we celebrated reaching the million #ada wallets. Today, we have reached the impressive figure of 2 million #ada portfolios! ”, She rejoices on Twitter.

Africa and Hydra to drive Cardano’s growth

To compete with its competition, Cardano cannot stop there however. For its founder, the future of blockchain lies in particular in Africa. Charles Hoskinson is looking to develop new contracts for his technology on the continent.

It will soon have 5 million Ethiopian students. They will use a digital identity to access their academic results. Through its commercial subsidiary EMURGO, Cardano strives to further develop its presence in Africa.

To do this, it invests in various African startups, thus promoting the development of use cases for its blockchain. But Cardano must also continue its technological developments.

After Alonzo, the next major update will be Hydra, a layer-two scaling solution. Charles Hoskinson also plans to step up the pace. With 1,000 Hydra nodes, Cardano could in theory process up to 1 million transactions per second.

Hydra constitutes a “very high commercial priority”, underlines the founder. “And it will be very important that we can offload a lot of the transaction traffic that will come from all future applications,” he continues.