Summary
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Cardano’s Hydra Protocol Enables 15.5 Billion Daily Transactions, Surpassing Visa’s Capacity: Recent data indicates Cardano’s network, leveraging its Hydra protocol, has achieved a transaction throughput exceeding Visa’s daily processing volume, demonstrating significant scalability.
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Basho Upgrade Poised to Further Enhance Cardano’s Speed, Potentially Outpacing Solana and Sui: The upcoming Basho upgrade is expected to significantly improve Cardano’s transaction processing speed, positioning it to potentially outperform other high-throughput blockchains and support institutional adoption.
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ADA Price Shows Sideways Movement Despite Transaction Milestone, Market Sentiment Remains Uncertain: Despite demonstrating impressive transaction capabilities, ADA’s current price action is trending sideways with weak demand, influenced by prevailing cryptocurrency market uncertainties and lacking clear bullish catalysts.
Cardano‘s founder, Charles Hoskinson, recently articulated the long-term vision for the project: to establish itself as a foundational technology for critical societal structures – encompassing economic, political, and social realms.
A prerequisite for such ambitious goals is the capacity to process a massive volume of transactions.
However, this potential bottleneck may be alleviated within the Cardano network thanks to the implementation of its Hydra protocol, specifically designed to enhance throughput.
Cardano’s Hydra Protocol Demonstrates High Transaction Capacity
Recent claims by an IOHK product manager highlighted Cardano’s transactional prowess, stating that the blockchain demonstrably handled 15.5 billion transactions within a single 24-hour period.
This remarkable achievement in transaction processing positions Cardano ahead of numerous competing blockchain networks.
Notably, this volume also exceeded the daily transaction handling capability of the traditional financial giant, Visa.
For comparison, reports indicate Visa’s processing capacity at approximately 65,000 transaction messages per second.
This data suggests that Cardano, leveraging Hydra, possesses the scalability necessary to support transaction volumes on a global scale.
Basho Upgrade Targets Even Faster Network Speeds
Looking ahead, Cardano’s developmental trajectory is steadily unfolding, with the network advancing towards its next significant milestone—the Basho upgrade, representing the fourth major phase of its roadmap.
The Basho upgrade is anticipated to substantially boost the Cardano network’s speed and efficiency, potentially surpassing leading blockchain platforms currently recognized for their high throughput, such as Solana and Sui.
According to Hoskinson, Cardano is on track to emerge as a leading blockchain in terms of transaction processing capacity.
The Basho upgrade, focused on network optimization and scalability enhancements, is projected for deployment within the current or following year.
Enhanced transaction throughput is viewed as crucial for future growth, especially as the cryptocurrency space moves towards greater institutional involvement and applications focused on real-world utility.
ADA Price Unmoved by Transaction News
The ability to process a large number of transactions efficiently is essential to meeting the demands of these evolving use cases.
Turning to Cardano’s current market performance, ADA’s price action on the daily charts has exhibited a sideways trend for nearly two weeks, reflecting indecision in the market.
At the time of this analysis, ADA was trading around $0.708, representing a significant price reduction of 46.41% from its peak value reached in December.
An examination of ADA’s weekly price chart reveals consistent short-term support around the $0.68 price point.
This price level has shown resilience during recent price retracements and might suggest a potential for upward momentum for ADA.
Conversely, a break below this support level within the current week could trigger a notable increase in selling pressure.
Despite recent optimistic discussions around Cardano’s enhanced transaction capabilities, demand for ADA, in both spot and derivatives markets, remains relatively subdued.
However, ADA’s current market performance is likely influenced by broader prevailing market conditions within the cryptocurrency space as a whole.
It’s worth recalling that ADA’s robust rally in February was largely driven by speculation surrounding its potential designation as a U.S. crypto reserve asset. Beyond this, clear catalysts for a renewed price surge have been less evident.
The present market uncertainty implies that Cardano’s immediate price direction remains unclear. Continued deterioration in overall market conditions could still pressure ADA below its current support level.
Also Read: The Creator of Cardano Wants to Use MLabs to Completely Change the Crypto Auction Industry
*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
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