- Cardano’s new payment service Hydra Pay was set to revolutionize Web3 micropayments.
- All Cardano wallets would be integrated with the service.
Cardano [ADA] has experienced significant price volatility since the market surge began last month. Despite the ups and downs, the proof-of-stake (PoS) coin managed to absorb 11% gains until press time, according to CoinMarketCap statistics. As shown below, the current surge has significantly improved ADA’s market sentiment, which had been harmed following the SEC’s classification of the token as a security. The Cardano ecosystem was working on an exciting new feature in order to gain more traction. Its first look was recently shared on social media.
Get ready for Hydra Pay
ADA Whale, a well-known Cardano community member, teased a potential decentralized payment service named Hydra Pay. The system, which was powered by Cardano’s recently released layer-2 solution Hydra Head, was anticipated to deliver near-instant network settlement.
According to ADA Whale, the service will be compatible with all Cardano wallets in the network, allowing users to experience inexpensive and speedier inter-wallet payments. However, in order to perform a transaction, the sender would need to first lock up funds on a smart contract. The recipient can redeem the monies after submitting proof of payment provided by the sender. Furthermore, Hydra Pay has the ability to transform micropayments in the Web3 arena.
Development activity remains steady
Unlike the wild fluctuations observed in the latter half of 2022, Cardano’s development activity has been consistent throughout 2023. This suggested that developers were always striving to add new features and improve existing ones. However, activity has gradually decreased over the last month, which is cause for concern.
Whales grab ADA
Large addresses demonstrated a fondness for ADA and were spotted steadily adding the coin to their portfolios. Over the last month, the number of addresses holding 1,000-10 million ADA tokens increased, indicating that whales were bullish on the token’s long-term prospects.