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Bitcoinik

05/13/2023

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Hydra goes live on Cardano mainnet, while ADA struggling

Cardano’s most popular & most awaited layer-2 scaling protocol went live on the Cardano mainnet.Cardano is a popular Proof-of-stake (PoS) scalable blockchain network. In late 2021, the Cardano team...

Hydra goes live on Cardano mainnet, while ADA struggling

Cardano’s most popular & most awaited layer-2 scaling protocol went live on the Cardano mainnet.

Cardano is a popular Proof-of-stake (PoS) scalable blockchain network. In late 2021, the Cardano team proposed Layer-2 protocol Hydra for the Cardano Blockchain to enhance the ability of the Cardano blockchain network to the next level, to compete easily against Solana-like Proof-of-stake (PoS) crypto networks.

Today, Cardano announced the first mainnet node launch of the Hydra protocol on the Cardano mainnet successfully.

2/ Cardano Releases First #Mainnet-Compatible Version Of Hydra-Node – ADA Looks To Ride the Wave to Major Gains – The Cardano suite offers a scaling tool among its products.

— Cardano Feed ($ADA) (@CardanoFeed) May 12, 2023

With this first Hydra mainnet launch, Cardano developer Sebastian Nagel described this as a very big milestone for the Cardano Blockchain network.

🐲 0.10.0 is out!

After demonstrating Hydra heads on the Cardano mainnet in recent monthly review sessions, we have released the first mainnet compatible version of hydra-node today.

Check out the full release notes over here:https://t.co/Kl3KTyVnSX

— Sebastian Nagel (@ch1bo_) May 11, 2023

Cardano Hydra is in the initial phase of development & also people don’t need to consider this protocol as an application to process only crypto transactions on the Cardano network, instead, it will allow all the decentralised apps (DApps) on the Cardano network to integrate Hydra. In short, highly efficient crypto trade activities will be available across the Defi protocols in the Cardano environment. 

It is worth it to note that here Cardano played a game, on behalf of supply & demand. In the last two weeks the two top crypto networks Ethereum & Bitcoin faced high network traffic which resulted in a significant increment in the network fees. 

Due to high fees on the top crypto networks, a very big traffic shifted toward the Cardano network.

Recently Cardano network processed crypto transactions with its 95% capacity. 

Cardano has unreasonably high transaction times when running at 100% capacity, making it completely dysfunctional. Moreover, even if it would run at 100% 24/7 it would be still unsustainable. It runs currently at 25-50% capacity btw…during times of low demand.

— ⚡️ADA Flash⚡️ (@ADA_Flash_) April 14, 2023

So in these situations, the Cardano devs realised that they needed to introduce Cardano layer-2 scaling network Hydra, to keep any big challenge away. It is expected that Hydra will have the capacity to handle up to 1 million transactions per second. 

However it was very big & news for Cardano but crypto traders ignored this news badly. Cardano’s native token ADA saw only a very small pump by 3%. 

Hydra goes live on Cardano mainnet, while ADA struggling 1

Read also: Florida governor suggests other US states restrict CBDC partially (Bill signs)

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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