- Cardano’s new payment service Hydra Pay was about to revolutionize Web3 micropayments.
- The service would be integrated with all Cardano wallets in the network.
Cardano [ADA] has seen significant price volatility since the start of the market rally last month. But despite the ebb and flow, the proof-of-stake (PoS) token managed to absorb an impressive 11% gains as of this writing, data from CoinMarketCap showed.
Read Cardanos [ADA] Price Forecast 2023-24
As pictured below, ADA market sentiment, which was hammered after the US Securities and Exchange Commission (SEC) labeled the token a security, improved dramatically thanks to the latest rally.
Source: Sentiment
Hoping to build more momentum, the Cardano ecosystem worked on an innovative new feature. A sneak peek of it was recently shared on social media.
Get ready for Hydra Pay
A popular member of the Cardano community, ADA Whale, teased a future decentralized payment service called Hydra Pay. The solution, powered by Cardano’s recently launched layer-2 solution Hydra Head, is expected to provide near-instantaneous settlement on the network.
ADA Whale added that the service would be compatible with all Cardano wallets in the network, allowing users to enjoy cheap and faster payments between wallets. However, the sender must first lock money onto a smart contract in order to make a transaction. After presenting the proof provided by the sender as proof of payment, the money can be redeemed by the recipient.
In addition, Hydra Pay has the potential to revolutionize micropayments within the Web3 world. While Cardano hasn’t released anything official, the teaser created a ton of anticipation that would have fans and industry viewers keeping a close eye on the progress.
Development activity remains stable
In contrast to the erratic swings in the second half of 2022, Cardano’s development activity has maintained a steady pace throughout 2023. This indicated that developers were consistently working to introduce new features and improvements. However, the activity has gradually declined over the past month, which was a bit concerning.
Source: Sentiment
How much are 1,10,100 ADAs worth today?
Whales seize ADA
Major addresses showed their affinity for ADA and also saw the coins steadily added to their wallets. Over the past month, addresses holding between 1,000 and 10 million ADA tokens increased in number, implying that whales were confident in the token’s long-term prospects.
Source: Sentiment