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Cardano – A crowd puller with its upcoming payment service?

2min Read

Hoping to build positive momentum, Cardano ecosystem was working on an innovative new feature, the sneak peek of which was shared on socials.

Cardano becomes a crowd puller with its upcoming payment service

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  • Cardano’s new payment service Hydra Pay was poised 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 commencement of the market rally last month. But despite the ebbs and flows, the proof-of stake (PoS) token managed to absorb impressive gains of 11% until press time, data from CoinMarketCap showed.

Read Cardano’s [ADA] Price Prediction 2023-24

As depicted below, ADA’s market sentiment, which was hammered after the U.S. Securities and Exchange Commission’s (SEC) labeling of the token as a security, improved drastically thanks to the latest rally.

Source: Santiment

Hoping to build more momentum, Cardano ecosystem was working 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 prospective decentralized payment service called Hydra Pay. The solution, powered by Cardano’s recently launched layer-2 solution Hydra Head, was expected to provide near-instant settlement on the network.

ADA Whale added that the service would be compatible with all Cardano wallets in the network, enabling users to enjoy cheap and faster inter-wallet payments. However, the sender would first need to lock up funds on a smart contract in order to conduct a transaction.  After presenting proof supplied by the sender as evidence of payment, the funds can be redeemed by the recipient.

Moreover, Hydra Pay has the potential to revolutionize micropayments within the Web3 realm. Although Cardano hasn’t released anything official, the teaser has created a ton of anticipation that would have fans and industry watchers keenly monitoring its progress.

Development activity remains steady

In contrast to the erratic swings seen in the latter half of 2022, Cardano’s development activity has maintained a stable pace throughout 2023. This indicated that developers were consistently working to introduce new features and improvements. However, activity has declined progressively over the past month, which was a bit of a concern.

Source: Santiment

How much are 1,10,100 ADAs worth today?

Whales grab ADA

Large addresses showed their affinity towards ADA and were also seen steadily adding the coins to their portfolios. Over the last month, addresses holding between 1,000-10 million ADA tokens swelled in number, implying that whales were confident in the token’s long-term prospects.

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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