Cardano Co-Founder Refutes Rumours of Abandoning Hydra Scaling Project
Summary:
Cardano's co-founder, Charles Hoskinson, has quashed rumors that Hydra, the network's layer-2 scaling solution, has been ditched. The speculations originated from a video claiming Cardano had shifted away from Hydra after announcing an integration with Hyperledger Firefly. However, Hoskinson refuted these claims and affirmed the project's progress. Moreover, he defended Cardano's collaboration with digital ID platform World Mobile and its scaling roadmap against fear-driven stories circulating within the community. Despite Cardano's total value reaching record highs, it lags far behind its competitors' total value.
Charles Hoskinson, co-creator of Cardano, has dispelled speculative talk that the layer-2 scaling program, Hydra, for the network has been scrapped. The CEO of IOHK dismissed misleading suggestions on X on March 18. He countered false claims that they had stopped working on Hydra, saying, "I'm noticing videos alleging Hydra has ceased production. This is pure, unadulterated FUD."
Hydra, a protocol supported by Cardano was launched in May 2023. The ultimate aim of Hydra is to better the processing speed of transactions and reduce transaction fees on Cardano's blockchain. This component of the Cardano project roadmap, part of the “Basho” phase, is focusing on scaling.
The Cryptoviser, a YouTube channel, uploaded a video on March 17, stating that Cardano had shifted its focus away from Hydra. This belief was deduced from the recent announcement made by Hoskinson on March 13 about integrating with Hyperledger Firefly, a tech stack for businesses to create and expand their Web3 applications.
Hoskinson debunked these speculations through his X account, which has approximately 980,000 followers. He praised the team's diligence, motivation, and the forthcoming improvements to the protocol. But this isn't the first time he's had to tackle Hydra-based "FUD". Hoskinson previously defended Hydra as a viable scaling solution for Cardano in a video released in October, among arguments about network scaling deficiencies.
The founder challenged objections concerning throughput, saying "Cardano isn't centered around TPS; it revolves around transaction per transaction." He disclosed that Hydra has gone through minor alterations and now helps developers craft decentralized applications for Cardano.
On the topic of Cardano's collaboration with the digital ID platform World Mobile and its scaling roadmap, Hoskinson defended the campaign once more on March 18. He positioned himself against what he terms a surge of unsubstantiated fear-driven stories. He stated, "This weekend we're dealing with rampant FUD concerning our partnership with World Mobile and the scaling strategy. I can't ascertain its source. Everyone is overly anxious about Cardano's potential and roadmap, leading to an onslaught of FUD."
According to DefiLlama, Cardano's total value locked (TVL) in DeFi reached a record $520 million on March 14. However, it's still trailing its rivals like Ethereum, Tron, BNB Chain, and Solana who collectively boast a TVL of $72 billion.
Published At
3/18/2024 9:12:01 AM
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