The first Hydra node compatible with the Cardano mainnet was launched on May 11, according to developer Sebastian Nagel.
Hydra is a layer2 scaling solution designed to improve scalability on the Cardano blockchain. Its launch came after several months of testing. According to its technical documentation, the protocol aims to increase transaction speed through low latency and high throughput and minimize transaction costs.
Nagel noted that the launched Hydra node API was updated to accommodate users’ requests.
Meanwhile, the newly launched Hydra head is the first of many heads, each serving as an off-chain mini-ledger for a small group of users. The tools will effectively reduce fees and improve transaction speed on the network.
Cardano developers can deploy complex decentralized applications on the blockchain network with this solution.
Other developments on Cardano
Meanwhile, the Hydra head launch is just another one in the series of developments on Cardano since the year started. The network has already added a decentralized stablecoin, DJED, and will have the fifth upgrade on its roadmap later this year.
DeFi activities on the network have steadily risen during the past months. According to DeFillama data, the total value of assets locked on the network is currently $140.53 million.
Despite the developments, its token ADA has not seen a significant rise in value. ADA is trading at $0.362 after increasing 2.6% in the last 24 hours. However, it is down 10% in the previous 14 days, according to CryptoSlate data.
Ethereum gas fees issues
Ethereum (ETH) is experiencing a massive rise in gas fees — due to the recent meme coin frenzy holding the crypto market.
The network gas fees surged to a 12-month high of 87 gwei before dropping to around an average of 80 gwei, according to Etherscan data.
One trader recently spent 64 ETH — around $120,000 — on gas to buy 13.8 billion FOUR tokens worth $155,000 on Uniswap decentralized exchange. Several industry players point to scenarios like this as an impediment to the mass adoption of the industry.
The post Cardano’s hydra scaling solution goes live on mainnet as Ethereum gas fees surge appeared first on CryptoSlate.
Credit: Source link
Leave a Reply