Cardano Co-Founder Charles Hoskinson Addresses Hydra Project Rumors

According to CryptoPotato, Cardano co-founder Charles Hoskinson has addressed circulating rumors regarding the status of the Hydra project, a layer 2 scalability solution aimed at expediting transactions, reducing costs, and optimizing Cardano's functionality. Hoskinson dismissed claims of the project's abandonment as "pure FUD" and affirmed its active development, highlighting the team's increased productivity and community engagement. He also reiterated Cardano's commitment to innovation, mentioning forthcoming papers on protocol enhancements. In response to skepticism surrounding collaborations with World Mobile and Cardano's scaling roadmap, Hoskinson condemned the "wave of FUD," attributing it to periodic market cycles. He clarified the ambitious scope of World Mobile's project, emphasizing the need for a global-scale, heterogeneous protocol. Hoskinson also stressed the role of "partnerchains" in Cardano's ecosystem and acknowledged the complexity of these initiatives, which require time for development and maturation. The number of active wallets on Cardano recently spiked to 600,000, representing a 40% increase compared to the lowest count observed in the past month. This surge aligns with an expansion in its DeFi ecosystem, estimated at roughly $500 million. However, ADA, the sixth-largest crypto asset by market cap, has been mostly left out of the rally that witnessed several top altcoins post double-digit gains. The asset shed nearly 8% over the past week, dragging its value down to $0.68 at the time of writing, and slashing monthly gains to a little over 7%.

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