- Cardano Hydra Doom has achieved a remarkable feat. It could now handle up to 1 million transactions per second in recent testing.
- This significant milestone showcases the platform’s impressive scalability. That could have a long-term influence on ADA’s market value.
- Cardano’s price is trying to hold on at a crucial key level. Once more growth is sustained, chances could increase.
Recently, in the crypto space, Bitcoin won the hearts of many with its remarkable climb above $100K. Surrounding the optimism in the crypto sector, another breaking Cardano news has flourished. That rose the subject of another chit-chat online.
Hydra, the Layer-2 solution built to enhance Cardano’s scalability, has reached remarkable performance levels in recent tests. The network had surpassed the 1 million TPS mark globally.
This accomplishment is part of the ongoing tournament to test Hydra’s scalability. This milestone is a major breakthrough for Cardano, as it sets a new record for the network. The feat was accomplished during a high-stakes DOOM gaming competition.
Input Output Global, the Cardano development team, organized it. The event featured a $100,000 prize pool, paid out in the Cardano-based stablecoin, USDM.
With this achievement, it now ranks as one of the fastest protocols in the crypto ecosystem. The ADA price, the native asset of the Cardano blockchain, stood to benefit from Hydra’s achievement.
Surge in Activity and Hydra Performance
The impressive Cardano news of the TPS performance of Hydra aligns with a noticeable increase in on-chain activity. Recently, a profile named Cowen on X tweeted a chart highlighting a significant rise in unique addresses.
The data revealed that the active address count has surged. Recently, it climbed from 300,000 to over 400,000 unique wallets.
Rising user activity has driven a bullish trend in the Cardano price market. Among the recent advancements enhancing the network is the Chang Hard Fork. That was implemented in September and marked the beginning of the Voltaire era.
This upgrade, however, is still awaiting Phase 2, which will enable the “Delegate Representative (DRep) Voting” feature. It will allow Cardano holders to select representatives to express their preferences on their behalf.
Additionally, Cardano is launching a new initiative to develop a Whitepaper Template for its ecosystem. This template will assist decentralized applications (DApps) in aligning with the European Union’s Markets in Crypto Assets (MiCA) regulation.
Can Hydra’s Scalability Redefine Blockchain Performance?
Hydra enhances transaction speed and efficiency by processing them off-chain. That, in turn, optimizes both transaction and smart contract performance.
It creates “Hydra heads,” separate channels that handle transactions independently from the main chain. Each head can process around 1,000 transactions per second (TPS).
This process allows groups of users to conduct unlimited off-chain transactions. That does it by preserving the security and decentralization of Cardano’s main network.
Achieving 1 million TPS has placed Cardano Hydra among the most scalable blockchain networks in the world. Bitcoin processes about 7 TP for comparison, and Ethereum averages 30 TPS on its Layer-1.
Hydra’s scalability opens up exciting possibilities for decentralized applications (dApps). That could see adoption across industries like finance, gaming, and music, where high throughput is essential.
Given its rapid, real-time transaction capacity, Hydra could be the key to powering large-scale events like video game tournaments. Charles Hoskinson, the founder of Cardano, marked this achievement on X, celebrating Hydra’s remarkable performance.
Hoskinson’s post reinforced the Cardano team’s strategy for scaling the blockchain infrastructure. This highlighted the accuracy of their earlier predictions about Hydra’s scalability potential.
Market Sentiment & ADA Price Movement
Cardano’s growing on-chain activity has contributed to a notable rise in the ADA price. An increase in active wallet addresses highlighted it,
Earlier, ADA peaked at $1.2400. However, as of now, it’s trading at $1.1970. That reflects its effort to maintain recent gains while positioning itself for further growth.
Over the past 24 hours, the ADA price has shown considerable volatility. Although, it has successfully remained above the $1 mark. This indicated positive market sentiment, helping ADA rebound.
However, additional catalysts will be needed to boost trading volume and drive a more substantial Cardano price increase. If ADA can maintain its current price level and establish it as a solid support, it could rise further. It could test the $2 resistance level.
Despite the positive outlook for the token’s price, market volume has dropped by 24%, now at $3.36 billion. Cardano community hopes that the ongoing developments within the ecosystem will soon lead to a rise in ADA’s price value.
Some analysts have suggested that the ADA price could fly toward $10. At the same time, this remained an optimistic and speculative forecast.
Furthermore, technical indicators such as AO and MACD showed a shrinking histogram. It suggested a decline in momentum.
Similarly, the CMF has dropped from 0.21 to 0.09, indicating a reduction in money inflow. The RSI remained in the overbought zone and has not cooled down for several days, raising concerns.
As a result, market participants, including investors, should carefully evaluate the situation. They should conduct thorough research (DYOR) and resist falling into the trap of FOMO before making any decisions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
