The first Cardano mainnet-compatible Hydra node launched on May 11, according to developer Sebastian Nagel.
Hydra is a Layer 2 scaling solution designed to improve scalability on the Cardano blockchain. Its release came after several months of testing. according to their technical documentationthe protocol aims to increase the speed of transactions through low latency and high throughput and minimize transaction costs.
Nagel noted that the released Hydra node API was updated to accommodate user requests.
Meanwhile, the recently released Hydra head is the first of many heads, each serving as a mini-off-chain ledger for a small group of users. The tools will effectively reduce fees and improve the speed of transactions on the network.
Cardano developers can implement complex decentralized applications on the blockchain network with this solution.
Other developments in Cardano
Meanwhile, the release of the Hydra head is just another in the series of developments on Cardano since the start of the year. The network has already added a decentralized stablecoin, DJED, and will have the fifth update on its roadmap later this year.
DeFi activities on the network have been increasing steadily over the past few months. According to DeFilama datathe total value of assets locked in the network is currently $140.53 million.
Despite the developments, their ADA token has not seen a significant increase in value. ADA is trading at $0.362 after rising 2.6% in the last 24 hours. However, it is down 10% in the previous 14 days, according to CryptoSlate data.
Problems with Ethereum gas fees
Ethereum (ETH) is experiencing a massive increase in gas fees, due to the recent meme coin frenzy keeping the crypto market going.
Grid gas fees rose to a 12-month high of 87 gwei before falling to an average of 80 gwei, according to Etherscan. data.
A trader recently spent 64 ETH, about $120,000, in gas to buy 13.8 billion of FOUR tokens worth $155,000 on the Uniswap decentralized exchange. Various industry players point to scenarios like this as an impediment to mass industry adoption.
Post Cardano’s hydra scaling solution goes live on the mainnet as Ethereum’s gas fee hike first appeared on CryptoSlate.
