The Cardano (ADA) blockchain has hit a significant milestone launching “Hydra Head“ on its mainnet in order to make transactions on the Cardano blockchain faster.
On May 11, developer Sebastian Nagel took to Twitter to announce the landmark event in the ongoing efforts to enhance transaction processing capabilities for decentralized applications (dapps) on the Cardano blockchain.
🐲 0.10.0 is out!
After demonstrating Hydra heads on the Cardano mainnet in recent monthly review sessions, we have released the first mainnet compatible version of hydra-node today.
Check out the full release notes over here:https://t.co/Kl3KTyVnSX
— Sebastian Nagel (@ch1bo_) May 11, 2023
What Is Hydra Head?
For the unversed, Hydra Head is a scaling tool that aims to boost transaction speed on the ADA blockchain. It is the first of a series of layer-2 protocols that have been designed to enhance the platform’s scalability and adaptability for various use cases, prioritizing swift and cost-effective transactions.
According to the announcement, Nagel noted the Hydra node version 0.10.0 has been released in an effort to make the Cardano blockchain more adaptable for various use cases. The hydra-node includes numerous technical changes and improvements that are necessary before a Hydra head could be used with real-world transactions.
The developer further explained in a series of tweets each Hydra Head works as an off-chain “mini ledger” shared between a small group of participants, helping speed up transactions while lowering fees significantly.
In an earlier announcement, Input Output Honk Kong (IOHK), the maker of Cardano, revealed the Hydra protocol will allow Cardano to compete with other blockchain networks that are currently more widely adopted in areas such as decentralized finance (DeFi) and non-fungible tokens (NFT).
Despite Slump, Enthusiasts Accumulate ADA
Despite the significant event, ADA prices have not yet seen a positive move. According to CoinMarketCap, the digital token is down 0.34% in the last 24 hours to trade at $0.36. Meanwhile, over the past seven days, the altcoin tanked more than 7%, in tandem with the broader crypto market.
Lately I’ve been building on #Bitcoin and accumulating on #Cardano. It’s the ultimate crypto power play.
— Dan Gambardello (@cryptorecruitr) May 10, 2023
Even in this predicament, several crypto experts have expressed a bullish stance on the digital token. Recently, Founder of Crypto Venture Capital Dan Gambardello claimed he has been building on Bitcoin (BTC) and accumulating on Cardano (ADA), citing, “It’s the ultimate crypto place.”
Over the past few months, Cardano makers have put in formidable efforts to bolster adoption as well as bring in several changes. On April 11, ADA maker Input Output Global (IOG) launched Lace 1.0, the network’s first lightweight wallet solution, on the mainnent. The wallet aims to transform the way users interact with the Cardano blockchain ecosystem as it combines multiple functions in one place.
