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Cardano is one of the most prominent ecosystems in the world. It has a lot of potential and has already exceeded numerous expectations. Its native token ADA has also become one of the most popular crypto assets and has grabbed a lot of attention from crypto investors and traders around the world.
Several updates for Cardano have contributed to the utility and significance of ADA as well. These technological advancements are what set it apart from other ecosystems in the crypto world.
Charles Hoskinson, the creator of Cardano, has introduced a new and innovative development called Hydra. Cardano is anticipated to get huge traffic soon, which is why Hydra has been brought forth. Will ADA outperform other altcoins then? Let’s find out.
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Cardano’s Growth and Knowing About Hydra
Charles Hoskinson is an influential name in the crypto space as he is the founder of Cardano and the co-founder of Ethereum. It is no surprise that Hoskinson has been invested deeply in the technological advancements planned for Cardano.
One of the latest updates is the ERC-20 Cardano converter bridge that was launched last month. Thanks to this bridge, people outside the Cardano sphere can also enjoy the benefits offered by Cardano, especially the ETH-based token users.
SingularityNET is the first token that will be migrating to Cardano following the launch. The update revealed is as follows:
“The SingularityNET is in the process of migration… (meanwhile) ERC 20 converter has two targets one is the main chain. Now that Plutus is here, we can actually do a lot of cool stuff with that; the other is going to be Mamba. It’ll have a really nice two-way bridge to Mamba…”
Hoskinson also stated that the long-term goal is bridging and automation so that the movement between assets becomes easier, among other things.
The founder of Cardano revealed the details in a live session where he also spoke about Hydra, one of the newer and successful developments enabled by Alonzo. Hoskinson stated that a lot of work is going to go into it, which is why new resources are being added for Hydra. Since it is a “high commercial priority”, capable teams are being looked for to speed up the work.
Hoskinson added:
“It’ll be able to offload a large amount of the transaction traffic that’s going to come from all of the apps that are coming (soon). As PAB comes online, Cardano is going to get hammered by an enormous amount of traffic. Hydra is a necessity for that…”
What Should Crypto Investors and Traders Know?
The overall crypto market has been moving quite interestingly over the last few weeks. The flagship cryptocurrency Bitcoin went significantly higher than the $60k price mark but is expected to fall below this mark after seeing quite the price correction.
Ethereum on the other hand has also been moving above the $4k price region and is currently trading at $4,257 (at the time of writing).
Cardano is currently trading at $1.95 (at the time of writing), however, its price has also noticeably fluctuated over the last 24 hours.
Here is a graph by CoinMarketCap showing the price of ADA in the last 24 hours.
Considering the implementation of Hydra and the traffic that is anticipated to come Cardano’s way, it can be expected that ADA will outperform all other altcoins. However, this is yet to be seen. Therefore, if you are interested in buying ADA, make sure you take a look at Cardano’s price prediction before investing.
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