{"id":138617,"date":"2023-05-05T05:24:31","date_gmt":"2023-05-05T05:24:31","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=138617"},"modified":"2023-05-05T10:51:56","modified_gmt":"2023-05-05T10:51:56","slug":"cardano-ada-price-fails-to-take-off-despite-hydra-launch","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/cardano-ada-price-fails-to-take-off-despite-hydra-launch\/","title":{"rendered":"Cardano (ADA) price fails to take off despite Hydra launch"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><a href=\"https:\/\/crypto-economy.com\/knowing-cardano-protocol\/\" target=\"_blank\" rel=\"noopener\">Cardano (ADA)<\/a> price has stayed relatively stable despite the enthusiasm surrounding the recent launch of <a href=\"https:\/\/docs.cardano.org\/development-guidelines\/scalability-solutions\/hydra\" target=\"_blank\" rel=\"noopener\">Hydra<\/a><\/strong>, a new scaling solution for the Cardano blockchain. About 24 hours ago, the first Hydra head opened on the mainnet, but so far, there hasn&#8217;t been much of a market reaction, and the price of ADA hasn&#8217;t increased as a result.<!--more--><\/p>\n<p style=\"text-align: justify\">Input Output Hong Kong (IOHK), the start-up that developed the Cardano protocol, recently released an update in which it revealed <a href=\"https:\/\/crypto-economy.com\/what-changes-will-the-hydra-upgrade-bring-to-cardano\/\" target=\"_blank\" rel=\"noopener\">Hydra<\/a>, a family of layer 2 protocols, as the latest standard for scalability on the proof-of-stake (PoS) network. <strong>Hydra is intended to make Cardano more flexible and adaptable for various use cases that require quick and inexpensive transactions.<\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hydra is a family of layer 2 protocols designed to make <a href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Cardano<\/a> more scalable and adaptable for various use cases that require fast and cheap transactions. The first Hydra head recently opened on mainnet.<\/p>\n<p>This video is a great starting point for exploring the current release,\u2026 <a href=\"https:\/\/t.co\/g1moYifGNj\" target=\"_blank\">pic.twitter.com\/g1moYifGNj<\/a><\/p>\n<p>&mdash; Input Output (@InputOutputHK) <a href=\"https:\/\/twitter.com\/InputOutputHK\/status\/1654034234200162304?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">The purpose of the Cardano Hydra protocol&#8217;s development, as stated in a video glimpse presented by developer Sebastian Nagel, is to scale the parent blockchain&#8217;s transactions in order to increase its usability.<\/p>\n<p style=\"text-align: justify\">The Hydra protocol achieves this by allowing for off-chain transactions to occur simultaneously without compromising the security of the parent blockchain. <strong>This innovation will allow Cardano to compete with other blockchain networks that are currently more widely adopted in areas such as DeFi and NFTs<\/strong>.<\/p>\n<h2 style=\"text-align: justify\">Cardano (ADA) price fails to take off<\/h2>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-138620\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Price-Chart.jpg\" alt=\"Cardano (ADA) price fails to take off despite Hydra launch\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Price-Chart.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Price-Chart-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Price-Chart-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">Even though Hydra offers several improvements to the popular blockchain network, including increased throughput, minimized latency, and cost-efficient solutions, <strong>the price of Cardano (ADA) has not seen significant positive price action.<\/strong> In fact, following the Hydra announcement, the price kept going down continuously.<\/p>\n<p style=\"text-align: justify\">While this could be due to overall market sentiment or a lack of understanding of the potential impact of Hydra on Cardano&#8217;s future development, some investors may view this as an opportunity to accumulate <a href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/cardano-news\/\" target=\"_blank\" rel=\"noopener\">Cardano (ADA)<\/a> at a lower price point.<\/p>\n<p style=\"text-align: justify\"><strong>Cardano (ADA) is currently trading at $0.391935 with a 24-hour trading volume of more than $177 million<\/strong>. The seventh-largest cryptocurrency project in the world by trading volume has decreased by just 0.44% over the past day, indicating that the recently released Hydra upgrade had no effect on its price, at least for the time being. Moreover, it has declined by 4.14% in the last seven days, according to CoinMarketCap data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano (ADA) price has stayed relatively stable despite the enthusiasm surrounding the recent launch of Hydra, a new scaling solution for the Cardano blockchain. About 24 hours ago, the first Hydra head opened on the mainnet, but so far, there hasn&#8217;t been much of a market reaction, and the price of ADA hasn&#8217;t increased as &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Cardano (ADA) price fails to take off despite Hydra launch\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/cardano-ada-price-fails-to-take-off-despite-hydra-launch\/#more-138617\" aria-label=\"More on Cardano (ADA) price fails to take off despite Hydra launch\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":138621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105,70,74],"tags":[5022,4632],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138617"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=138617"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/138621"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=138617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=138617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=138617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}