The hydra scaling solution used by Cardano will significantly decrease transaction costs and increase transaction speeds.
On May 11, developer Sebastian Nagel announced that the first Hydra node running on the Cardano mainnet has been released.
Hydra was developed as a layer-2 scaling solution for the Cardano blockchain to address scalability issues. After months of testing, it was finally released to the public. The protocol’s technical literature states that it seeks to reduce transaction costs, maximize throughput, and reduce latency in online financial transactions.
While this is the first of several Hydra heads to be released, it will function as an off-chain mini-ledger for a select number of users. Because of these tools, the network’s transaction costs will be lowered and speeds will be increased.
This solution enables Cardano developers to construct sophisticated blockchain-based distributed apps. Meanwhile, Cardano has seen a number of advances already this year, including the unveiling of the Hydra head. DJED, a decentralized stablecoin, has been introduced to the network, and the fifth update is scheduled for later this year.
Denial of service attacks on the network have increased month after month. DeFillama reports that the current market value of networked assets is $140.53 million.
Despite the changes, the value of its token, ADA, has not increased much. After a 2.6% increase over the last 24 hours, ADA is now trading at $0.362. However, CryptoSlate data shows that it has decreased by 10% during the last 14 days.
The latest meme coin craze that has gripped the cryptocurrency market has caused petrol fees for Ethereum (ETH) to skyrocket.
According to Etherscan statistics, the network petrol fees spiked to a 12-month high of 87 gwei before declining to approximately an average of 80 gwei.
Recently, a trader on the decentralized exchange Uniswap spent 64 ETH, or about $120,000, on petrol to purchase 13.8 billion FOUR tokens, with a market value of $155,000. Several major participants in the business have cited this kind of situation as a major roadblock to widespread industry adoption.
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