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Crypto News Flash (EN)

08/23/2023

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Cardano Unveils Major Marlowe Update in Scaling Push for Hydra to Achieve 1,000,000 TPS - Could ADA Reach $0.40 in August?

Cardano announces significant updates to the Marlowe development environment and reveals an enhanced Hydra scaling solution. Following the Hydra v0.12.0 launch, ADA’s price sees a 1.51% increase, hinting at...

Cardano Unveils Major Marlowe Update in Scaling Push for Hydra to Achieve 1,000,000 TPS - Could ADA Reach $0.40 in August?

  • Cardano announces significant updates to the Marlowe development environment and reveals an enhanced Hydra scaling solution.
  • Following the Hydra v0.12.0 launch, ADA’s price sees a 1.51% increase, hinting at potential bullish trends.

In a groundbreaking revelation, “@InputOutputHK” recently shared that Cardano’s #Marlowe team is diligently working to upscale Marlowe Runtime, Marlowe Playground, and Marlowe Explorer. This update stands as proof of Cardano’s unwavering dedication to evolution and its continuous commitment to provide optimal value to its user base.

🌟The #Marlowe team is making waves! The team has been busy enhancing #Marlowe Runtime, Marlowe Playground, and Marlowe Explorer. Stay in the loop by following @marlowe_io for all the recent updates.

Also, learn about Marlowe's top-notch security in this must-read guide:… pic.twitter.com/OhRIIAw0Y1

— Input Output (@InputOutputHK) August 22, 2023

Marlowe’s Development Momentum

The core team, as highlighted by the Input Output Hong Kong (IOHK) update, is concentrating on enhancing Marlowe’s runtime to introduce a broader spectrum of features. They are also refining the protocol’s playground and its associated explorer. Such progress showcases the dynamic nature of the Cardano developer ecosystem, which remains poised to consistently revamp the protocol.

Despite its remarkable innovations and offerings, in terms of actual on-chain achievements, Cardano lags behind giants like Ethereum (ETH) and Solana (SOL) in the smart contract domain. Ethereum’s decentralized finance (DeFi) total value locked (TVL) stands at an impressive $22 billion, whereas Cardano’s TVL is at a comparatively modest $162 million.

However, Cardano is not resting on its laurels. The ongoing Marlowe enhancements aim to bolster the growth of decentralized applications (dApps) on Cardano. Furthermore, other initiatives, such as Hydra, could potentially tip the balance in Cardano’s favor over time. Hydra, a Layer 2 scaling solution, has parallels with Ethereum’s zkSync, Arbitrum, and Polygon zkEVM. Cardano’s vision remains clear: spur unique innovations to amplify enterprise adoption and drive extensive usage.

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Hydra v0.12.0: Cardano’s Scalability Gamechanger

The crypto world was recently stirred by Cardano’s introduction of its enhanced Hydra scaling solution. Sebastian Nagel, a notable Cardano developer, broke the news about the launch of Cardano Hydra v0.12.0 via X (formerly Twitter).

The Hydra v0.12.0, which debuted on the mainnet on July 30th, symbolizes Cardano’s ambition to perfect the synchronization of its nodes, with a focus on greater intuitiveness and developer-centric functionalities.

Diving into the Upgrade

Hydra v0.12.0 offers seamless compatibility with the Cardano Node v8.1.2 client, and further aligns with the Mithril protocol, an innovation from Input Output Global (IOG). Beyond compatibility, the new Hydra version extends its capabilities for Application Programming Interfaces (APIs). Introducing new API endpoints, the layer-2 scaling solution is set to become even more enticing to Web 3.0 developers and researchers.

In addition to the introduction of new elements, Cardano focuses on perfecting existing features. The Hydra upgrade showcases optimizations that enhance its on-chain operations. Considering its trajectory, Cardano’s Hydra is set to reach many more milestones in the imminent future.

For a deeper dive into this release, enthusiasts can look forward to the upcoming Rare Evo 2023 convention in Denver, Colorado.

ADA’s Price Implications

Historically, ADA has responded positively to major Cardano upgrades. Just as the launch of the Aiken toolkit led to a 6% spike in ADA’s price, the recent Hydra v0.12.0 release saw ADA’s price increase by 1.51% within 24 hours, trading at $0.2681. Given this momentum, there’s speculation in the crypto community regarding ADA’s potential to reach $0.40 in August. Only time will tell.

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