Hydra, the Layer-2 solution designed to increase the scalability of Cardano (ADA), has showcased impressive figures in recent testing. This cardano news has managed to pull up, Cardano’s sentiment.
The protocol exceeded the 1 million Transactions Per Second (TPS) level during a Doom gaming competition. With this achievement, it now ranks as one of the fastest protocols in the crypto ecosystem.
Hydra’s Unmatched Scalability
For context, Hydra operates by creating “Hydra heads,” or separate channels for processing transactions off the main chain. The good thing is that it does this while maintaining Cardano’s security and decentralization setup.
Hence, hitting the 1 million TPS is remarkable as it positions Cardano and Hydra among the most scalable blockchain networks globally.
To put it in perspective, Bitcoin only processes approximately 7 TPS, and Ethereum averages 30 TPS on Layer-1.
These stats indicate Hydra’s scalability could unlock new decentralized applications (dApps) possibilities. Hydra could also gain grounds in finance, gaming, and music platforms where high throughput is critical.
In an X post, Charles Hoskinson, Cardano’s founder, celebrated the landmark accomplishment of hitting 1 million TPS.
“Hydra hit a million. Guess we were right,” he wrote.
Hoskinson’s post validates the team’s approach to scaling the Cardano blockchain infrastructure. It appears that Cardano’s development team had earlier predicted Hydra’s scalability potential.
So, this feat confirms their projections, inspiring the statement from Charles Hoskinson.
Cardano News: Network Growth and Innovations
Meanwhile, Cardano has recorded a significant uptick in the number of active addresses on the network. Cardano news mentions and larger sentiment appreared to be rise too.
In a post on X, Benjamin Cowen, a popular cryptocurrency YouTuber, revealed this. He shared a chart showing a spike in the number of unique addresses active daily. The chart reveals growth in these addresses to top the 100,000 unique wallets milestone.
Other innovation boosts on the Cardano network include the recent Chang Hard Fork, which went live in September.
That move ushered in the Voltaire era. The upgrade, however, awaits Phase 2, which will activate “Delegate Representative (DRep) Voting.”
This feature would allow Cardano holders to choose representatives who can help convey their wishes.
Cardano has also announced a new project to create a Whitepaper Template for its ecosystem. The Whitepaper will help its DApps comply with the European Union’s Markets in Crypto Assets (MiCA) regulation.
Cardano wishes to expand its utility by creating a platform allowing projects to meet MiCA’s requirements easily.
ADA Price Movement and Market Sentiment
Cardano’s increased onchain activities, including the uptick in active wallet addresses, have triggered a significant upsurge in ADA.
The price of ADA soared to $1.24 in earlier trading, but at this writing, ADA is exchanging for $1.16. This represents a 2.02% drop in performance.
ADA has experienced market volatility in the last 24 hours, with prices crashing from a peak of $1.239 to a low of $1.15.
Notably, ADA has managed to stay above the $1 level. The broader market sentiment has stirred ADA on a rebound path. However, more hype is needed to drive trading volume that can trigger a price surge.
Despite the bullish sentiment surrounding Cardano, market volume has also plunged by 52.36% to $2.87 billion.
The Cardano community would have to hope that the numerous activities on Cardano will trigger an upsurge in ADA soon.
Although some analysts have speculated ADA could surge to $10, it remains an ambitious assumption.
