Although Cardano has not hit a new All-time high, it is still experiencing an increase in adoption, as evidenced by the growing number of wallets on the Internet. The number of Cardano (ADA/USD) wallets recently peaked at 2 million.
A few months after the network implemented the Alonzo hard fork upgrade to introduce smart contracts into the network, the number of Cardano wallets continued to grow. During this hard fork upgrade, ADA hit a record high.
Cardano’s Hydra upgrade
The technological revolution of the Cardano network is also accelerating as the network outperforms the Alonzo upgrade. Charles Hoskinson, the founder of Cardano, held a question-and-answer session last weekend where he talked about Cardano’s progress in reaching the second level solution.
Hoskinson stated that they will continue to add resources to Hydra and have tried to identify some teams so they can parallelize the workflow as it has such a high business priority from all upcoming applications.
One of the second-layer solutions that many networks investigate is sharding. However, in the Cardano network, shards appear in the form of transactions from the chain to the equity pool (also known as hydra nodes). However, this sharding works without ledger mapping.
The Hydra node is expected to increase transaction speed on the Cardano network. However, the network has not yet completed the implementation and timing of the Hydra node. This upgrade is still in the research and development stage.