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Cardano has been at the forefront of growth when it comes to smart contracts capability. Ever since smart contracts debuted on the blockchain, high traffic has been anticipated for the network. Smart contracts on Cardano had been in the works for quite a while and were one of the most anticipated upgrades in the space. Now that this is a reality, the developer has had to move on to building further capabilities to accommodate the anticipated traffic increase.
Hydra was built to make room for increased traffic on the network. A Layer 2 solution like Hydra provides the much-needed scalability to maintain high throughputs for the applications on the blockchain. Hydra will also help to regulate fee rates on the blockchain. Thereby providing acceptable fee structures for the users. This makes it a very useful solution and Cardano founder Charles Hoskinson has reiterated the importance of the solution to the network.
Hoskinson Says Hydra Is Vital For Cardano
Charles Hoskinson organized an AMA (Ask Me Anything) session on YouTube where members of the community were able to send in questions they would like answered. It was during one of these questions that the importance of Hydra was emphasized by the founder.
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By Hoskinson’s own admission, an incredible amount of work was being put into the Layer 2 solution. The capabilities that Hydra provides the network have been one of the most crucial developments by the developer. Cardano is expecting high traffic on the network and Hydra will ensure that the network is able to process the increased transactions in a timely and orderly fashion.
Hoskinson explained that the team was putting more resources into the project “because it’s such a high commercial priority.” Cardano’s DeFi community is still in its beginning stages. As the community finds its footing, traffic on the network will spike heavily. Once this happens, “Cardano is going to get hammered by an enormous amount of traffic,” said Hoskinson. “Hydra is a necessity for that.”
ADA price falls below $2 | Source: ADAUSD on TradingView.com
Progress On ERC-20 Converter
Hoskinson updated the community on the anticipated launch of the ERC-20 Cardano converter. The founder confirmed that the Singularity net was currently in the process of migration. The converter is meant to target two main parts of the project – the Main Chain and Mamba. With the arrival of Plutus, the network has been able to begin working on the main chain and has presumably made some progress in this regard. As for Mamba, a two-way bridge is being developed for it.
“The long-term goal is automation and bridging, so it’s easy to move between and wrap assets and so forth. We view it as a nice commercial tool. When people come and they want to migrate, there’s a process, a team, and a collection of competencies there.”
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Hoskison held his AMA session from Ethiopia in Africa, where he is currently touring and meeting up with projects building on the Cardano blockchain. The tour has been successful so far with numerous encouraging news coming out. Egypt will be the final touchdown for the founder, after which the tour will officially come to an end.
