Cardano Foundation Technical Director Advises Against Claiming L2 Hydra Can Process One Million Transactions Per Second
As the Cardano (ADA) community celebrates the launch of L2 Hydra on the main net, Technical Director of the Cardano Foundation Matthias Benkort has cautioned against spreading the narrative that Hydra can process one million transactions per second. While Hydra can potentially increase the network’s transaction throughput, it cannot yet process a million transactions per second (TPS). Marco Meerman, a Cardano community enthusiast, had suggested that Hydra’s performance statistics were impressive, but Benkort responded that people should only refer to the statistics published by Input Output Global, the Cardano Foundation, or the Hydra team. Despite differing opinions on Hydra’s potential, the Cardano community remains passionate and engaged in driving the platform forward.
Cardano Price Analysis: ADA/USD Faces Resistance at $0.3706 Mark
Cardano's price has been on an upward trend and is currently above its support level of $0.364. The coin is expected to break through its current resistance level if it can maintain its momentum. The support level is crucial for the bulls to further their gains. On the downside, a slight dip towards $0.3480 is possible in case of a price correction. The technical indicators show a recovery in the ADA/USD pair, with the MACD and RSI both changing direction in a positive direction. The coin still has to face multiple hurdles, such as the resistance at $0.3706, before it can make any significant progress.
Cardano's Hydra Head Goes Live on Mainnet, But Can't Yet Handle 1 Million Transactions Per Second
Cardano's Hydra Head, a scaling solution designed to increase the speed of blockchain transactions, has been launched on the mainnet. Despite claims from some in the Cardano community that it can process up to 1 million transactions per second, Cardano's Technical Director, Matthias Benkort, has refuted this and advised referring to official statistics from Input Output Global, Cardano Foundation, or the Hydra website. The launch of Hydra is highly anticipated and expected to provide powerful capabilities and interfaces while maintaining the security of the Cardano primary ledger. The text within the XML tag "258e98dbe2ee4d12a2260353bf104b57" relates to Cardano and its cryptocurrency ADA.
Cardano's Hydra Head Goes Live on Mainnet in Latest DeFi-Focused Upgrade
Cardano's scaling tool Hydra Head has been launched on the blockchain's mainnet, which is expected to speed up transactions significantly. The aim is to add specialized DeFi protocols on top of Cardano, giving the network utility comparable to that of Ethereum. Following the upgrade, Cardano's native token ADA has seen a slight uptick, currently ahead 1.45% in the last 24 hours.
Cardano Price Analysis: ADA Enters Consolidation Phase as Bulls Seek to Rally Out of Bearish Zone
Cardano is experiencing a slight increase in price as bulls attempt to rally out of the bearish zone. Despite a decrease in trading volume by over 15%, ADA is currently in a consolidation phase and trading above its 7-day low of $0.3512.
Hydra Node Launches on Cardano Mainnet to Improve Scalability and Reduce Fees
The first Hydra node that is compatible with the Cardano mainnet was launched on May 11th, according to developer Sebastian Nagel.
Cryptocurrency market cap sees net outflows of $30 billion in last 24 hours, Bitcoin and Ethereum lead losses among top 10 assets.
The cryptocurrency market cap experienced net outflows of around $30 billion in the last 24 hours, resulting in a current value of $1.10 trillion, which is down 2.75% from $1.13 trillion. Bitcoin and Ethereum's market cap fell 4.01% and 2.32%, respectively, while all top 10 crypto assets recorded losses except XRP, Cardano, and Dogecoin, which saw minimal gains. Tether's market cap grew to $82.77 billion, while USD Coin and Binance USD fell to $29.98 billion and $5.70 billion, respectively. Bitcoin and Ethereum led the outflows among the top 10 assets.
Ecoterra's Green Recycle-to-Earn (R2E) project gains traction as Cardano's price falls.
Cardano (ADA) has seen a 20% drop in price over the last month, currently trading at $0.36 and struggling to stay above a key support level of $0.35. The bearish outlook is at a critical point as the price action threatens to break lower trendline support. However, amidst this negative trend, the eco-friendly crypto project Ecoterra presents an attractive pre-sale opportunity with its innovative approach to integrating blockchain technology with sustainable practices. With a 30% return upon listing at $0.01, investors can benefit from Ecoterra's mission to promote sustainability through blockchain technology. While Cardano is experiencing a downward trend, it may be worth considering investing in Ecoterra, but it is important to remember that cryptocurrencies are volatile and risky investments, and individuals should conduct their own research before making any decisions.
Bitcoin and Ethereum See Negative Price Action Amid Wider Crypto Market Selloff
Bitcoin (BTC) has seen a 2.8% drop in the past 24 hours, with a high of $28,280 and a low of $27,058, settling at $27,368 at the time of writing. Over the past week, the top cryptocurrency by market cap has experienced a clear downtrend, losing 6% and wiping out $45 billion from its market cap.
Cardano Price Forecast: Hydra Scaling Solution Gains Attention Amid Ethereum Gas Fee Surge
Cardano's (ADA) current trading price is just above its 200-Day Moving Average at $0.3500, but there is growing sell pressure causing the cryptocurrency's price forecasts to become more pessimistic. It is currently trading around $0.3550, down almost 4.0% on the day. If ADA loses its grip on the 200DMA, it risks falling below an upwards trendline that has been in play since late December 2022.
