updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Peloton is one of the few companies that massively benefitted from the unprecedented global health crisis that forced many to stay home.
Peloton Interactive (NASDAQ: PTON) saw its shares decline as investment banking company Morgan Stanley (NYSE: MS) highlighted reduced traffic on the exercise equipment maker’s website. Morgan Stanley analyst Lauren Schenk wrote in a research note that web traffic for Peloton dropped about 27% YoY in its fiscal Q3. Regarding the web traffic news, Peloton closed down at 11.23% to $10.20. The company has continued to fall in an extended trading session, losing 0.20%to $10.18. Data shows that PTON has shed more than 57% since the past year and 8.11% in the last three months. Also, the American exercise equipment company has dropped 10.60% in the last five days, losing over 4% over the past month.
According to the analyst, the recent quarterly web traffic decline is the highest since Peloton opened a subscription. Notably, it made sales in subscriptions in Q2 FY2023. The company said it “significantly outperformed” its expectation in subscriptions revenue and total revenue. She attributed the loss largely to lower promotional spending than the previous fiscal quarter. However, the American company recorded more turnover among customers following the launch of the Peloton subscription. Schenk stated:
“The company struggled to maintain the momentum observed during the heavily promotional holiday season. Although web traffic is still above pre-COVID levels, the 2 y/y trends have continued to deteriorate, failing to find the stability needed for a return to growth, in our view.”
The equity analysts added that the situation had put Peloton in a problematic situation as it has to choose either lower revenue or reduced earnings. Meanwhile, investors’ eyes are fixed on the two figures. On a better note, Schenk believes that Peloton will squash its added net subscribers despite the lower web traffic. The Morgan Stanley analysts said the company would overcome its prior guidance of 47,000 to 57,000 net subscribers added in the fiscal Q3.
Peloton is one of the few companies that massively benefitted from the unprecedented global health crisis that forced many to stay home. During the pandemic, consumers exercised more at home and purchased the company’s bikes and workout apps more. However, the management at Peloton did not envisage weak web traffic or lower sales, believing the pandemic rush would become a norm. Hence. They bought too much inventory, which they now sell at a loss. Peloton heavily relies on its subscription businesses, and the diminishing web traffic will affect the company significantly.
The investment banking company maintained Peloton Interactive at Equal-weight and a price target of $4.50.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Cardano has been at the forefront of growth when it comes to smart contracts capability. Ever since smart contracts debuted on the blockchain, high traffic has been anticipated for the network. Smart contracts on Cardano had been in the works for quite a while and were one of the most anticipated upgrades in the space. Now that this is a reality, the developer has had to move on to building further capabilities to accommodate the anticipated traffic increase.
Hydra was built to make room for increased traffic on the network. A Layer 2 solution like Hydra provides the much-needed scalability to maintain high throughputs for the applications on the blockchain. Hydra will also help to regulate fee rates on the blockchain. Thereby providing acceptable fee structures for the users. This makes it a very useful solution and Cardano founder Charles Hoskinson has reiterated the importance of the solution to the network.
Charles Hoskinson organized an AMA (Ask Me Anything) session on YouTube where members of the community were able to send in questions they would like answered. It was during one of these questions that the importance of Hydra was emphasized by the founder.
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By Hoskinson’s own admission, an incredible amount of work was being put into the Layer 2 solution. The capabilities that Hydra provides the network have been one of the most crucial developments by the developer. Cardano is expecting high traffic on the network and Hydra will ensure that the network is able to process the increased transactions in a timely and orderly fashion.
Hoskinson explained that the team was putting more resources into the project “because it’s such a high commercial priority.” Cardano’s DeFi community is still in its beginning stages. As the community finds its footing, traffic on the network will spike heavily. Once this happens, “Cardano is going to get hammered by an enormous amount of traffic,” said Hoskinson. “Hydra is a necessity for that.”
ADA price falls below $2 | Source: ADAUSD on TradingView.com
Hoskinson updated the community on the anticipated launch of the ERC-20 Cardano converter. The founder confirmed that the Singularity net was currently in the process of migration. The converter is meant to target two main parts of the project – the Main Chain and Mamba. With the arrival of Plutus, the network has been able to begin working on the main chain and has presumably made some progress in this regard. As for Mamba, a two-way bridge is being developed for it.
“The long-term goal is automation and bridging, so it’s easy to move between and wrap assets and so forth. We view it as a nice commercial tool. When people come and they want to migrate, there’s a process, a team, and a collection of competencies there.”
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Hoskison held his AMA session from Ethiopia in Africa, where he is currently touring and meeting up with projects building on the Cardano blockchain. The tour has been successful so far with numerous encouraging news coming out. Egypt will be the final touchdown for the founder, after which the tour will officially come to an end.
Featured image from Cardano Feed, chart from TradingView.com
Cardano founder Charles Hoskinson calls Hydra “a high commercial priority,” due to an expected rise in the scale of traffic in the coming months. Especially in the near term, as projects in Africa begin to roll out.
He added that, at the moment, research is still ongoing with Hydra. But, generally speaking, things are “converging” to a (version) “1.0.”
Hydra is a layer 2 scaling solution that, in theory, could bring speeds of up to 1 million transactions per second (TPS).
Speaking from Ethiopia, Hoskinson hosted an AMA on the weekend. As usual, it was packed with a wide range of topics, including points on the ERC-20 converter and a brief mention of a possible deal in Eygpt.
But, of greater interest was talk about Cardano’s layer 2 solution, Hydra. Hoskinson said the IOHK team is currently busy working away on it. He also said that they are looking at bringing on board other parties to accelerate its development from a commercial perspective.
“A huge amount of work is going into it, and we’re going to keep adding resources to Hydra, and we’ve been trying to identify some teams so that we can accelerate parallelized workstream because it’s such a high commercial priority…”
All of which is a top priority as various projects in Africa come to fruition, with Hoskinson giving World Mobile as an example. World Mobile will bring on board almost two million new users, who will be relying on Cardano in an “always on” capacity.
“Especially with things to do with World Mobile and the telecommunications traffic that’s coming because it’s 1.8 million users, frequent use every single day, wallet on their phone, this type of stuff. So Hydra is a necessity for that.”
World Mobile is the first mobile network built on a blockchain. News of Cardano’s involvement with the firm first broke in late April at the Cardano Africa Special Event. IOHK said Tanzania would be the first country to benefit from the deal.
Not only did the launch of Alonzo on September 12 enable smart contract functionality, but it also laid the foundation for Hydra as well.
In building Hydra, developers, IOHK considered the problems of incentivizing network stakeholders, data storage, protecting against DDoS attacks while balancing all of that against “acceptable fees” for users.
“Hydra is a layer 2 scalability solution that seeks to address all these concerns and aims to maximize throughput, minimize latency, incurring low to no costs, and greatly reducing storage requirements.”
IOHK says Hydra will dramatically improve scalability, leading to greater adoption as Cardano attempts to become the definitive global blockchain solution.
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Cardano, one of the most promising ecosystems has witnessed a significant amount of traction over the years. Different upgrades, not only in the U.S. but around the world have aided its native token ADA to surge up to 1500% YTD. Here’s what you can expect from this platform in the coming few months.
In the latest AMA session, Charles Hoskinson, the chief executive of the IOHK team addressed the same. Although, this time coming live from Ethiopia rather than “warm sunny” Colorado. Firstly, Hoskinson shed light on the new ERC-20 Cardano converter bridge that went live on September 12th.
This is an important bridge connecting users outside the Cardano sphere. For example, Ethereum-based token users will be able to enjoy the benefits of Cardano’s transaction capacity and lower fees. The first token migrating to Cardano upon launch is SingularityNET. Here’s an update,
“The SingularityNET is in the process of migration… (meanwhile) ERC 20 converter has two targets one is the main chain. Now that Plutus is here, we can actually do a lot of cool stuff with that; the other is going to be Mamba. It’ll have a really nice two-way bridge to Mamba…”
Nevertheless, the aim remains the same. The “more generic framework for the long term goal is automation and bridging so it’s easy to move between and wrap assets and so forth,” Hoskinson opined.
In addition to this, there were queries related to Plutus Application Backend (PAB) [an off-chain, backend service for managing and handling the requirements of the application instance throughout its lifecycle] going live as well. Well, Hoskinson was quick to acknowledge this. He asserted that his best estimate was November.
Well, this certainly was the key point for this AMA. This step will enable developers to interact with smart contracts. More details and advantages were mentioned in a blog as well.
Meanwhile, the successful implementation of the aforementioned aspect was linked to the next topic of discussion as well. It was Hydra, one of the most exciting of the fresh developments enabled by Alonzo. Hoskinson stated, “A huge amount of work is going into it and we’re going to keep adding resources to Hydra and we’ve been trying to identify some teams so we could accelerate, parallelize the workstream because it’s such a high commercial priority.’
Needless to say, this will be a crucial upgrade. Here’s why. According to Hoskinson,
“It’ll be able to offload a large amount of the transaction traffic that’s going to come from all of the apps that are coming (soon). As PAB comes online, Cardano is going to get hammered by an enormous amount of traffic. Hydra is a necessity for that…”
Irrespective of such developments, Cardano has been a victim of social speculations and FUDs over time. Even during the interview, one of the followers asked, if (there was) some FUD about increasing block size not really increasing the amount of Plutus smart contract per block. Well, obviously, Hoskinson was quick to slam such criticism.
“It’s a lie…If you increase the raw amount of storage the block has you, of course can have more scripts in that block.”
Regardless of such speculations, Cardano has done pretty well. It was named among 2021’s most influential projects.