Cardano Double Wins – Hits NFT Milestone And Launches First Hydra Node

Table of Contents

• Over 4 Million NFTs Minted
• Hydra Milestone Achieved
• ADA Jumps Over $1

Founder Charles Hoskinson talks about the growth of the Cardano ecosystem after the network hit multiple milestones one after the other. 

Over 4 Million NFTs Minted

Cardano’s smart contracts have been posing serious competition to those on Ethereum, especially when it came to minting NFTs. As the largest Proof-of-Stake (PoS) network, Cardano’s gas fees are significantly lower than that of Ethereum, which is still running on the Proof-of-Work consensus mechanism. With around 50,000 different minting policies registered on the Cardano blockchain, it is safe to assume that the number also represents all the Cardano-centric NFT issuers. However, the actual number of NFTs is much higher, as some issuers can mint thousands of individual NFTs. 

The Head of Ecosystem Growth at Input Output Global, Morgan Schofield, has tweeted out the news that the platform now hosts four million NFTs. He also stated that the pace of digital, sovereign ownership on the platform would only grow from here on out as they scale throughput. 

The news has been shared by founder Charles Hoskinson, who said, 

“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady.”

Hydra Milestone Achieved

Talking about all things Cardano, developer Sebastian Nagel has also announced another milestone in the Hydra project. Hydra is the collection of Layer 2 solutions implemented to enhance network security and scalability. The announcement from Nagel revealed that the first version of the hydra-node has been released. This means that it can now connect to the public Cardano testnet. 

Nagel tweeted, 

“This is our first version of hydra-node which can connect to the public Cardano testnet - version 0.4.0! It's still a bit tricky to set up, there be dragons and footguns.  We aim to improve on the situation with 0.5.0 and many more releases to come.”

ADA Jumps Over $1

The recent developments on the Cardano network have again boosted ADA to rise above $1, which has hugely benefited token holders. The on-chain analyst and tracker, IntoTheBlock has reported that two groups of holders are benefiting the most from this price jump. It reported, 

“$ADA soars by 10% over the last 24hours as the accumulation patterns continue. The addresses by holding indicator show an increasing accumulation across the board in the different brackets. Addresses holding 10-100 and 100k-1m ADA increased their balance by 12% and 11% in 30 days.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.