Cardano Price Doesn’t Respond To The New Scaling Solution

The Cardano price has not been moving upwards following the announcement of a new scaling solution. The solution was meant to make the ADA network more stable and trigger the altcoin to rise more this month.

Still, we are not seeing anything promising from the Cardano price now despite the blockchain news showing the new implementation. Earlier today, ADA traded with only a 0.34% increase over the past 24 hours to a price of $0.0299 before going lower to $0.0292. Currently, the price of ADA is at $0.0297.

The protocol that Cardano added, dubbed Ouroboros Hydra (known as “Hydra”) is being developed by the Cardano-focused development firm IOHK and is meant to work as a second layer blockchain scaling solution that will be placed on top of the original Cardano blockchain.

If everything goes to plan, the new solution would increase the speed at which the Cardano network can operate according to IOHK. Even though the release of the white paper on the online research database ePrint was discussed in a video by Charles Hoskinson (the co-founder of Cardano CEO of IOHK), the news is now official. Hoskinson said that the work now begins to “translate the science into code.”

Ever since the word came out about the new solution, ADA is down by nearly 30% in a wide sell-off that has largely mirror similar tokens in the altcoin news. Charles Hoskinson published more about this on on Twitter recently in a live video.

Hail Hydra!!! You get a second live video today: https://t.co/I0tmAqy5iH https://t.co/XRJrpJXADK

— Charles Hoskinson (@IOHK_Charles) March 9, 2020

According to Hoskinson, the simulations have shown that each Hydra head can perform up to 1,000 transactions per second, with each stake pool being able to host one head each. If the network were to reach a thousand stake pools at some point in the future, “you could be looking at a maximum theoretical performance of a million transactions per second,” the CEO said in the video.
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The Cardano news now show that the Cardano price is not moving based on these adjustments. Hopefully the movement will be initiated in the couple of days ahead.

As reported before, in November 2019 the Cardano Foundation launched a crypto payment solution named ADAPay, aimed at merchants. Even following that, the price of ADA did not respond well or surge high as it was expected.