Here’s what Cardano co-founder has to say about claims of Hydra being abandoned.
Cardano’s co-founder Charles Hoskinson has debunked the growing rumors surrounding the future of the firm’s ambitious scaling project, Hydra.
Rumors About Cardano’s Hydra
The Cardano-based protocol Hydra was introduced in May 2023. It aims to strengthen transaction processing capacity and reduce transaction costs on the Cardano blockchain while maintaining security.
Speculation arose following a period of silence from Cardano regarding updates on the Hydra project. Some community members began to question whether the firm has shifted its focus from the project or encountered difficulties.
On March 17, the YouTube channel “The Cryptoviser” uploaded a video alleging that Cardano had “turned away from Hydra” based on Hoskinson’s announcement concerning an integration with Hyperledger Firefly, an open-source Supernode designed for enterprises to build and secure Web3 applications.
However, earlier today, Hoskinson took to the X platform, explaining that developers have not given up on the project and emphasized that the team has never been more motivated and productive.
“I’m seeing some videos claiming that Hydra has been abandoned,” he said before adding that “it is just pure FUD.”
Hoskinson Defends Cardano Over FUD
In his X post, Hoskinson expressed frustration at what he called a “wave of FUD” regarding Cardano’s partnership with the digital ID platform World Mobile and its scaling plans.
“Man, it’s raining FUD this weekend, and I’m not sure about the origin. I guess it’s that time of the cycle where everyone freaks out about ADA’s potential and roadmap, so they throw a wave of FUD at us,” he said.
This is not the first time Hoskinson has addresses and defended Cardano and Hydra over FUD publicly.
In October, the co-founder released a video highlighting Hydra’s capabilities as a scaling solution for Cardano, addressing concerns regarding the network’s scaling issues.
He countered criticism about throughput, arguing that “Cardano isn’t a TPS system; it’s a transaction-per-transaction system.”
Hoskinson added that Hydra drifted a little and created middleware for developers to build decentralized applications (DApps) for Cardano.
Meanwhile, according to DefiLlama, Cardano has experienced notable growth in total value locked (TVL) DeFi this year, hitting a record high of $520 million on March 14.
However, Cardano’s native token ADA is underperforming and a long way from its previous all-time high. At the time of writing, the crypto asset was trading at $0.68 with a market cap of $24 billion.
