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Cardano Hydra Nears Mainnet Release as Ecosystem Expands: Details

Fri, 03/31/2023 - 16:45
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Tomiwabold Olajide
Hydra team ran demo of Hydra heads on mainnet
Cardano Hydra Nears Mainnet Release as Ecosystem Expands: Details
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Cardano's Layer 2 scalability solution, Hydra, continues to receive further developments on its way to mainnet release. 

IOG's most recent weekly report states that the Hydra team ran a demo of Hydra heads on the mainnet. The roadmap was also amended.

Hydra Head, the first member of the Hydra family of protocols, lays the groundwork for advanced deployment situations.

Hydra aims to increase transaction speed by providing low latency, high throughput and minimal transaction costs.

Cardano's founder commends growth of ecosystem

Cardano founder Charles Hoskinson has commended the growth of the ecosystem. "The ecosystem continues to grow. Good work everyone," he wrote in a tweet. 

The statistics in an image shared by the Cardano creator indicate that 1,221 projects are currently building on Cardano, while 119 have already launched.

A total of 63.9 million transactions have been processed on the network. Cardano native tokens stand at 8.06 million, spread across 71,128 minting policies. There are now 7,546 Plutus scripts, of which 2,312 are Plutus v2 scripts.

In related news, cryptocurrency and NFT tax provider CoinLedger has announced support for Cardano and launched an automatic tax reporting service for its users. 

As reported, Cardano users will soon be able to use any Cardano (ADA) wallet to access smart contracts on the Ethereum Virtual Machine, expanding Cardano's utility. This is due to an upcoming feature on Milkomeda, a network that links EVM contracts to blockchains like Cardano and Algorand.

All EVM users, including those who create smart contracts, will shortly be able to receive staking rewards thanks to Milkomeda.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.