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Cardano (ADA) Reports Major Update on Hydra, Here's Potential Impact on Price

Mon, 02/27/2023 - 08:15
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Godfrey Benjamin
Cardano's development team discovered way to enhance Hydra scaling system
Cardano (ADA) Reports Major Update on Hydra, Here's Potential Impact on Price
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The Cardano (ADA) protocol has released its latest update for the past week, in which it recorded yet another milestone in its on-chain activities. According to the update, a total of 117 projects have been launched on Cardano to date, with a total of 1,205 currently building on the protocol at the moment.

On Cardano, the total number of Plutus Scripts recorded came in at 5,857, and of this number, 762 were Plutus V2 Scripts. The growth of the Cardano blockchain was also showcased in the total number of token policies issued, which came in at 70,039. A total transaction count of 61.8 million was recorded, pitching the network as one of the most versatile in today's blockchain ecosystem.

Cardano started the year on a stellar note thanks in part to the active developmental work being done by the developers. In the weekly update, a major update on the Hydra Protocol was also shared that featured the completion of work on a different way of dealing with contests during the contestation period.

Here's Who's Making Money on Cardano (ADA) Right Now: IntoTheBlock

According to the terms of the update, the new way discovered will always push the deadline out, making contestation periods easier to pick depending on the network a head runs on.

Gearing up for new run

Cardano has thus far prided itself in its ability to create new momentum for itself irrespective of the trend on the market. The developers will be counting on how well they started this month as a way to fire up and hit even more impressive milestones this week.

Cardano is changing hands at a price of $0.3637, up by a meager 0.78% in the past 24 hours. The digital currency is down by more than 10% over the past week as the market experienced a rout over the weekend. When the Hydra scaling feature is finally launched, it will position Cardano as arguably the most scalable network, with a positive effect on ADA in the long term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.