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HomeNewsCardano Sets Record Straight on Hydra: Hoskinson Calls Out FUD as ADA...

Cardano Sets Record Straight on Hydra: Hoskinson Calls Out FUD as ADA Targets $0.70

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  • Speculation arose after a video suggested Cardano shifted focus from Hydra; Hoskinson clarifies Hyperledger Firefly collaboration doesn’t replace Hydra.
  • Despite misinformation, Cardano’s DeFi sector thrives, hitting a TVL all-time high of $520 million on March 14, according to DefiLlama.

Recent discussions within the digital currency community have brought to light concerns over the development status of Hydra, a layer-2 scaling solution for the Cardano blockchain.

Charles Hoskinson, a key figure behind Cardano, has actively addressed these concerns, stating unequivocally that the project has not been discontinued. His clarification came through a message on X, where he labelled the circulating claims as baseless and misleading.

Hydra was unveiled in May 2023 as an initiative to enhance Cardano’s processing capabilities and reduce the cost of transactions. It is integral to Cardano’s “Basho” stage, which focuses on network scalability—a necessary step for accommodating the anticipated growth of the blockchain. 

Speculations about Hydra being sidelined arose after a video posted on March 17 by a content creator suggested a shift in focus following Cardano’s announcement about collaborating with Hyperledger Firefly on March 13.

This collaboration is aimed at providing a comprehensive toolkit for enterprises interested in developing Web3 applications and does not indicate a move away from Hydra.

In his communication to nearly a million followers, Hoskinson assured that the team dedicated to Hydra remains committed and is actively engaging with the Cardano community. He indicated the forthcoming publication of research papers intended to refine and enhance the blockchain’s protocol.

Furthermore, Hoskinson has previously addressed similar unfounded claims, particularly those doubting Cardano’s scalability. He has emphasised that Cardano operates on a transaction-by-transaction basis rather than focusing on transactions per second.

This approach reflects in Hydra’s adaptation, which now includes middleware solutions that facilitate the creation of decentralized applications (DApps) on the Cardano network.

The recent discourse also touched upon Cardano’s association with the digital ID platform World Mobile, and its overall strategy for scaling. Hoskinson expressed his exasperation with the recurrent spread of misleading information, which seems to coincide with periods of heightened scrutiny of Cardano’s roadmap and development potential.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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