Cardano’s development and utility have been subject to significant scrutiny within the community, with recent discontent focused on the Hydra project. This layer 2 scalability solution aims to expedite transactions, reduce costs, and optimize Cardano’s functionality.
However, Charles Hoskinson has moved to quash rumors of the project’s demise.
Charles Hoskinson Sets the Record Straight
Cardano co-founder Charles Hoskinson has fervently addressed circulating rumors regarding the status of the Hydra project, affirming its active development.
The exec dismissed claims of abandonment as “pure FUD” while highlighting the team’s increased productivity and community engagement. He reiterated Cardano’s commitment to innovation, highlighting forthcoming papers on protocol enhancements.
Responding to further skepticism surrounding collaborations with World Mobile and Cardano’s scaling roadmap, Hoskinson condemned the “wave of FUD,” attributing it to periodic market cycles. He clarified the ambitious scope of World Mobile’s project, pointing out the need for a global-scale, heterogeneous protocol.
Hoskinson also stressed the role of “partnerchains” in Cardano’s ecosystem and acknowledged the complexity of these initiatives, which require time for development and maturation.
“We noticed a repeated misunderstanding among some in the community that a partnerchain is apparently NOT Cardano. It’s beyond my understanding since in the beginning in 2016 Why Cardano mentions Cardano CL. I guess everyone forgot about the idea that hypercomplex projects like WMC need the freedom to have unique protocols, including variations in consensus, ledger rules, network design, and transaction semantics. This is the same reality for Midnight, any DApp offering infrastructure as a service, and for concepts like decentralized social networks.”
ADA Price
The number of active wallets on Cardano recently spiked to 600,000, representing a 40% increase compared to the lowest count observed in the past month.
This surge aligns with an expansion in its DeFi ecosystem, estimated at roughly $500 million.
ADA, on the other hand, has been mostly left out of the rally that witnessed several top altcoins post double-digit gains. The sixth-largest crypto asset by market cap shed nearly 8% over the past week, dragging its value down to $0.68 at the time of writing. The latest downturn also slashed monthly gains to a little over 7%.
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