JAKARTA - The Hydra Cardano project has become a hot topic in the crypto community, with a lot of speculation and information circulating. As reported by CryptoPotato, Charles Hoskinson, founder of Cardano, has taken steps to clear up the situation by confirming that the project is still going well, parrying rumors that trigger FUD (fear, uncertainty, doublet) in the market. He highlighted that his team remains productive and engaged in development, as well as committed to innovation, including a forthcoming paper on protocol improvements.
Cardano continues to expand its ecosystem, with the number of active wallets reaching 600,000, indicating 40% growth. This expansion reflects an increase in Cardano's decentralized financial ecosystem (DeFi), whose value is estimated at around US$500 million (around Rp7.867 trillion). Even so, ADA as a Cardano crypto asset, has decreased by almost 8% in the past week. At the time of writing, ADA was trading at the level of Rp10,700 per coin.
The Hydra project is an important part of Cardano's strategy, which aims to accelerate transactions and reduce costs. Despite facing challenges, including doubts about collaboration with World Mobile and the scalability roadmap, Hoskinson pointed out that projects like these take time for development and maturity.
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With Hoskinson's clarification and stable growth in its ecosystem, Cardano remains one of the main players in the growing crypto industry. This article provides an overview of the current status of the Hydra Cardano project, responds to rumors circulating, and highlights its potential future in increasing transaction scalability and efficiency in blockchain.
According to a recent report, Hydra, Cardano's L2 scalability solution, has shown significant progress after SundaeSwap, a decentralized exchange (DEX), successfully launched a demonstration on the network. While still in the development stage, Hydra is expected to be able to carry faster transactions, higher throughput, and lower costs. By directing blockchain traffic into L2 networks, Hydra aims to maintain security guarantees while remaining loosely related to the main chain.
In the first half of 2023, Charles Hoskinson showed his big ambitions regarding the Hydra project by stating that Hydra is "Everything Lightning wants when it develops". With this project, Cardano plans to build a solid and stable foundation for its community to build real-world asset-based applications aka real world assets (RWA).
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