Cardano’s hydra scaling solution goes live on mainnet as Ethereum gas fees surge
According to developer Sebastian Nagel, the first Hydra node compatible with the Cardano mainnet launched on May 11th.
Hydra is a layer 2 scaling solution designed to improve the scalability of the Cardano blockchain. Released after months of testing. according to it, technical documentationthe protocol aims to improve transaction speed and minimize transaction costs through low latency and high throughput.
Nagel I got it The launched Hydra node API has been updated to accommodate user requests.
Meanwhile, the newly released Hydra heads are the first of many heads, each acting as an off-chain mini-ledger for a small group of users. This tool effectively reduces fees and increases transaction speed on the network.
Cardano developers can use this solution to deploy complex decentralized applications on blockchain networks.
Other Cardano Developments
Meanwhile, the announcement of the Hydra head is just another in a series of developments on Cardano since the beginning of the year. The network has already added the decentralized stablecoin DJED, and his fifth upgrade will be on the roadmap later this year.
Over the past few months, DeFi activity on the network has steadily increased.According to Defilama datathe total amount of assets locked on the network is currently $140.53 million.
Despite these developments, the value of its token ADA has not seen a significant increase. ADA is trading at $0.362, gaining 2.6% over the past 24 hours. However, it has fallen 10% in the last 14 days. crypto slate data.
Ethereum gas price issues
Ethereum (ETH) has been hit by a massive rise in gas prices due to the recent memecoin craze that has dominated the cryptocurrency market.
Gas prices in the network rose to a 12-month high of 87 gwei, before dropping to an average of around 80 gwei, according to Etherscan. data.
A recent trader exhaustion Buy 64 ETH (approximately $120,000) in gas to buy 13.8 billion FOUR tokens worth $155,000 on the Uniswap decentralized exchange.multiple industry players point to Such scenarios are obstacles to mass adoption in the industry.
It first appeared on CryptoSlate after Cardano’s Hydra scaling solution went live on mainnet as Ethereum gas prices skyrocketed.
