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Cardano Reports Another Significant Milestone for Layer 2 Hydra Solution: Details

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Wed, 03/23/2022 - 16:20
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Tomiwabold Olajide
Hydra refers to a collection of Layer 2 solutions aimed at improving network security and scalability
Cardano Reports Another Significant Milestone for Layer 2 Hydra Solution: Details
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Cardano Developer Sebastian Nagel has announced the release of the first version of hydra-node, which can connect to the public Cardano testnet. This remains another significant milestone for Cardano's Layer 2 hydra solution.

As U.Today previously reported, the first Hydra Heads recently launched on the public Cardano testnet. Hydra Heads, the first in a suite of protocols, is a critical element in Cardano's scaling journey.

Hydra refers to a collection of Layer 2 solutions aimed at improving network security and scalability. Although it was conceived as part of the Ouroboros research team's work, it has forged an independent path since the original paper's publication.

Cardano founder highlights ecosystem growth

Recounting his previous prediction, Cardano founder Charles Hoskinson highlighted ecosystem growth as there are now millions of native assets issued on the Cardano blockchain and dApps now in the hundreds.

The IOG CEO had earlier predicted that there will be hundreds of assets running on Cardano, thousands of dApps, tons of interesting projects and lots of unique uses and utilities. The recent enabling of smart contracts on Cardano has led to a significant increase in user activity. With the first decentralized finance (DeFi) applications now deployed on the Cardano ecosystem, and more on the way, the trend of increased user activity might continue.

Cardano large holder addresses are accumulating

As Cardano rose above the $1 mark in a three-day positive run, ADA large holder addresses have continued to accumulate.

IntoTheBlock reports that the addresses by holding indicator shows increasing accumulation across the board in different brackets. Notably, addresses holding 10-100 ADA and 100,000-1 million ADA increased their balances by 12% and 11%, respectively, since March.

At the time of publication, ADA traded at $1.07, having attained intraday highs of $1.08 earlier. ADA is up 9.37% in the last 24 hours and 30.33% over the past week.

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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.