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Cardano’s latest report on Hydra. What does this mean for ADA?

Winnie Kimeu

Writer, News

Feb 27, 2023 at 05:15

Cardano (ADA) protocol reveals a momentous week, with new and progressive achievements added to its impressive on-chain activities.

Here’s a breakdown of the report:

  • 117 projects have already launched on Cardano, while 1,205 are currently underway.
  • Plutus Scripts reached 5,857, including a noteworthy 762 Plutus V2 Scripts.
  • Token policies issued soared to 70,039, underscoring Cardano’s rapid growth.
  • 61.8 million transactions have been executed on the network, making it a highly dynamic and versatile platform in the blockchain ecosystem.

Further, the latest weekly Cardano update has seen the Hydra Protocol take center stage. The blockchain has announced a major update to Hydra.

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The update outlines a new approach that automatically extends contestation deadlines, making it easier to choose the ideal contestation period based on the network running ahead.

Cardano is currently trading at $0.3686, reflecting a modest 1.36% increase in the last 24 hours. However, the past week has been tumultuous for the market, with Cardano experiencing a 10% decline.

ADA price. Feb 27, 2023. Source: CoinMarketCap
ADA price. February 27, 2023. Source: CoinMarketCap

Despite this setback, the impending launch of the Hydra scaling feature is poised to make Cardano the most scalable network, a development with potentially significant long-term benefits for ADA.

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