Cardano, the third-largest cryptocurrency by market capitalization, continues to make waves in the blockchain space with its latest weekly development update. Published on Essential Cardano, the report highlights impressive growth and innovation across various facets of the project.

According to the report, Cardano has achieved significant milestones, including the successful launch of 146 projects and the processing of over 76.1 million transactions on its network. Not only that, more than 8.93 million native tokens have been generated, and 10,079 Plutus scripts have been executed.

With 1,288 projects currently in active development, Cardano's potential to revolutionize the cryptocurrency landscape is looking promising.

Hydra: A Game-Changer for Scalability

Meanwhile, Hydra - one of the most exciting upgrades of Cardano in the past - has become a major point of discussion in the community. Hydra is a layer-2 scaling solution that enhances the network's throughput and performance. Leveraging the concept of state channels for off-chain interactions, Hydra allows nodes in the network to open multiple state channels, facilitating faster and more cost-effective transactions.

However, Hydra has not been immune to misinformation and criticism within the crypto community. Some critics have alleged that Hydra failed to deliver on its promises and accused Cardano of dishonesty regarding its capabilities. That said, Cardano's founder, Charles Hoskinson, recently addressed these claims in a video update.

Hoskinson Sets the Record Straight

Hoskinson clarified that the purpose of Hydra had evolved over time, emphasizing that it was more than a simple transaction-per-second (TPS) system. Hydra now serves as middleware, simplifying the development of complex decentralized applications (dApps) on Cardano. Hoskinson also presented a chart indicating that Cardano could achieve up to 1,000 TPS on its main chain, dispelling the notion of sluggishness and inefficiency.

Hoskinson encouraged the Cardano community to remain vigilant and fact-check any false information about Hydra or the project as a whole. He emphasized Cardano's credibility, underpinned by rigorous research, peer-reviewed foundations, and a global team of contributors. Hoskinson expressed confidence in Cardano's bright future and its commitment to pioneering cutting-edge solutions for the crypto space.

Cardano stands out as a peer-reviewed ambitious project in the crypto industry, driven by a vision to foster inclusivity, fairness, and sustainability worldwide. In its latest weekly update, Cardano showcases its remarkable progress, resilience, and determination to overcome challenges.

Golden Cross Forming on the Daily Chart for ADA

On the technical side, ADA remains confined to a tight range between $0.265 and $0.255 as fundamental factors fail to impress. This is despite sharp bullish moves across the market. At the moment, ADA is on track to retest the bottom end of the range at $0.255 and we expect a bounce to the upper limit to follow.

Interestingly, ADA is right on the cusp of forming a Golden Cross pattern on the daily chart, indicating that a bullish breakout might be imminent. If this plays out, the first port of call for the cryptocurrency is $0.275, followed by a possible rapid continuation to $0.300. We should know what the fate of ADA is over the coming days as the Golden Cross formation gets completed.

ADA Statistics Data

ADA Current Price: $0.257

ADA Market Cap: $9B

ADA Circulating Supply: 35.1B

ADA Total Supply: 45B

ADA Market Ranking: #8

Feeling confident? Trade your ideas on ADA now.

Disclaimer

This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.