Cardano might be exploring options for token burning
According to the latest status updates shared by IOHK, Cardano could explore options for token burning. “Burning” crypto means permanently removing a number of tokens from circulation.
As seen in status updates for the week shared by IOHK, the details of the activities carried out by the various development teams was highlighted. Working on Cardano decentralization, the report states that the Hydra team held a planning session and updated the Hydra development roadmap.
Likewise, “the team inspected options for minting and burning tokens in a hydra head as well as scenarios for using tokens instead of data,” the update states.
U.Today previously reported the first Hydra Heads opening on the public Cardano testnet. Hydra Heads, the first in a suite of protocols, is a critical element in Cardano’s scaling journey. Hydra refers to a collection of Layer 2 solutions aimed at improving network security and scalability.
Along the same lines for token burning, the status update indicates that the Adrestia team is working on finalizing a new transaction workflow to add token minting and burning capabilities.
Adrestia, named after the goddess of revolt, was launched to make integration and interaction with Cardano easier and faster. The Adrestia team, comprised of IOHK engineers, was charged with the responsibility of building all the web APIs and libraries that make Cardano accessible to developers and application builders.
Node developments can then focus on performance and scalability, while users will still be able to interact with it effortlessly.
Development continues in the Cardano ecosystem
As U.Today previously reported, Cardano remains among the top five fastest developed assets in the last 30 days, according to Santiment data.
Although the foundations for future improvements in the Cardano ecosystem have been laid, ADA price has failed to catch up as it remains down nearly 74% from its all-time high of 3 .10$. ADA is currently trading in a narrow range at $0.87, hinting at a major price move to come.
