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Is Cardano Testnet Catastrophically Broken? Prominent Developer Addresses the Bug

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In a recent tweet, Adam Dean, a notable Cardano engineer, stated that the Cardano testnet is “Catastrophically Broken.” He explained on Twitter that the finding happened after they discovered a recent flaw.

The flaw was found in Cardano Node v1.35.2, which serves as the foundation for the impending Vasil hard fork. This is said to have happened because the pool operators were rushing to upgrade the mainnet, resulting in incompatible forks and a fall in chain density.

“This was the version that we had previously been told was “Tested and Ready” for the Vasil Hardfork. This bug was only discovered…”

New bug and Cardano’s Vasil hard fork

Adam stated in his conversation that 1.35.3 is currently unable to sync and is incompatible with it because the majority of operators upgraded to 1.35.2 on the testnet. He said that they are putting 1.35.3 through its paces on two brand-new testnets without a block history.

Adam added that he was feeling nervous because of all of these rushes to the upgrade. He has pressured Input-Output and Charles Hoskinson to deploy the tools necessary for a disaster recovery strategy.

The team has reportedly released Cardano Rosetta 1.8.0, easing the integration of the Vasil hard fork, as per information from the ADA team lately. The announcement was made via the Cardano Updates Twitter account.

ADA’s Rosetta is a suite of tools and features that will simplify the integration of Cardano. Rosetta’s main purpose will be to facilitate and speed up the integration of the Vasil hardfork.

It’s unclear if the devs would push the Vasil hard fork update any farther now that they have found the flaw. On the network, the hard fork was planned to launch in July. Due to certain delays, it was postponed.

Cardano Founder Corrected User On ADA’s Worth

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Cardano founder Charles Hoskinson is known for many straightforward replies. This time too he maintained his composure while answering a user’s concern who took to Twitter saying he found his $5k worth of ADA bought in July ‘22 to be now worth only $1.5k.

In response, Hoskinson tweeted that $5,000 worth of ADA purchased in January 2021 would be now valued at $6,750, an $1,750 increase.

Sounding slightly annoyed, the founder commented, “What’s your point? Markets go up and down and I somehow have control of it? I don’t think you understand how crypto works and why it exists.”

At the time of writing this post, Cardano’s native token ADA was trading at $0.51. The 8th-ranked asset is up by 1.35% in the last 24 hours.

Previously, Hoskinson defended ADA’s price downtrend as the effect of a broader market phenomenon. After entering the bearish market conditions from the beginning of 2022, ADA had a lackluster performance this year after posting massive gains in 2021.

Cardano Influencer Double Down On The PoS Blockchain

It is now down by over 80% compared to the all-time high it attained in early September 2021 before the much-hyped Alonzo upgrade.

In addition to that, recently a well-known Cardano influencer spoke on how the Proof-of-stake blockchain has all the potential of becoming “bigger” than “anything seen in crypto before” if decentralized governance on the cryptocurrency’s network works out.

In a tweet shared with its 110k followers, the pseudonymous supporter who goes by the name of “ADA whale” shared that Cardano may be more secure and decentralized than other blockchains, but noted that the average user “doesn’t always get this.”

According to ADA whale’s words, if decentralized governance under the Voltaire era works out, the network “will be unlike anything seen in crypto before.”

The Voltaire era of Cardano, as per the project’s roadmap, provides the “final pieces required for the Cardano network to become a self-sustaining system.” It will bring along the system of voting and a treasury, which will allow network participants to stake their ADA and exercise voting rights to influence the future development of Cardano.


XRP Races Ahead Of ADA To Jump To 6th Place

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XRP has notched up its major win by leaving behind ADA to grab the 6th position in the top 30 crypto assets by market cap. At the time of writing, XRP’s market cap stood at $18.8 billion while ADA is hovering at $17.9 billion.

Later this week, blockchain firm Ripple published its “Q2 2022 XRP Markets Report“. The report showed nearly $409 million worth of XRP in Q2 were sold compared to the $273.27 million in Q1, a 50% increase.

With respect to Q2 2022 sales and purchases of XRP, it said,

“Last quarter, total XRP sales by Ripple, net of purchases, were $408.9M vs. $273.27M USD the previous quarter. Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally.“

The report also highlighted the firm’s successful performance in Q2, despite the unfavorable broader market that saw the toppling of several crypto firms.

In May, Ripple worked together with Lithuania’s FINCI to provide retail remittances and business-to-business [B2B] settlements via its On-Demand Liquidity [ODL].

A few days back, the firm signed another deal with the Singaporean fintech firm FOMO Pay.

On the other hand, the highly anticipated Vasil hard fork got delayed for the second time as teams behind the Cardano blockchain development target a smooth network upgrade.

The upgrade initially slated to go live in June was postponed to prioritize a smooth network transition.

Here’s Why XRP’s Rival Slipped Behind

Many industry experts feel this postponement might have negatively affected the price of ADA, preventing it from following the general market recovery.

Input Output Global [IOG] technical manager Kevin Hammond pointed out that some testnet issues, with the Cardano node version 1.35.2 related to stake pool operators, Dapp developers, internal testing, etc identified on the testnet.

“The goal is that it will flush out any final issues as we go to the Vasil hard fork. What we’re doing is fixing on testing authority, getting it right, and not rushing,” Hammond added.

Analysts hope that as the Vasil hard fork approaches once more, it’ll trigger another rally in the price of ADA. 

Cardano’s Trading and Twitter Volumes Hit 6-Month Lows

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Cardano’s Twitter and trading volumes have hit 6-month lows. Data from The TIE, a company that resembles Bloomberg Terminal and concentrates on information services for digital assets, shows that Cardano’s popularity on Twitter, a well-known social media network, has fallen to a six-month low.

Notably, the interest rate decline coincided with a sharp decline in trade volumes, which are currently at their lowest level in six months. Having said that, the price of ADA has lately increased, rising by almost 10% just in the last week.

According to reports, the coin momentarily outperformed the XRP-related Ripple on Sunday in terms of market capitalization.

Cardano’s much anticipated Vasil hard fork is coming soon

The upcoming Vasil hard fork, which is expected to dramatically improve the network’s performance, is the main reason for the current price rise. The update, which was initially planned for June 29, has been delayed due to technical difficulties.

The team behind Cardano, Input Output, has yet to publicly announce a new launch date, however, it was initially anticipated that the hard fork rollout would take place in the last week of July.

Even if Cardano has lost some of its shine on social media, development activity is still quite active. According to reports, the network already has more than 1,000 projects that are actively being developed. ADA remains the seventh-largest cryptocurrency by market valuation, according to CoinMarketCap.

Santiment claims that Cardano is still the cryptocurrency asset with the highest level of development: “According to our study of code pushes, issue interactions, and other factors, Cardano remains the cryptocurrency asset that is the most developed. Routine updates from teams are removed to ensure that only relevant development is shown.”

ADA is currently trading at $0.4987, a 6.8% increase in the last 24 hours, as the market is rallying in the green.

Data Reveals That Cardano Network Is 40% Underutilized

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The Cardano network is now using, on average, around 40% of its capacity. The Ouroboros protocol of Cardano is designed to handle enormous quantities of data as well as operations and scripts of various complexity and quantity. Comparatively, the ADA network is underutilized. The ideal situation is for the network to run at or near 100 percent of its capacity.

Chart 3
Data Reveals That Cardano Network Is 40% Underutilized 2

Boosting throughput is necessary for Cardano’s security

This year, IOHK extended the block-size limit twice to enable more transactions per block in an effort to boost transaction throughput. Block sizes were raised from 64 KB to 80 KB and eventually to the current 88 KB capacity. More transactions can fit inside a block with larger block sizes, improving user capacity.

According to IOHK, boosting the throughput of a blockchain like ADA is essential for security since doing so might expose the system to DoS attacks. It thus adopts a planned and thorough procedure for implementing such modifications.

The IOG developers hard-forked the Cardano testnet to Vasil functionality in the previous week. As per a recent report, the teams are currently upgrading dependencies and working closely with SPOs and the community to address testnet concerns. The team is still working on improving the maintainability of the pipeline and adding tests to boost confidence and prevent regression.

The Hydra team also concentrated mostly on modifying the hydra-node to be completely compatible with Vasil. The upcoming version of hydra-node v.0.7.0, which will run on the hard-forked testnet, is also currently in development. 90 new projects have just begun on Cardano, while 1,029 projects are now under construction. 5,868 NFT projects are active, and there are 5.4 million Cardano native tokens.

What investors can expect from Cardano’s weekly update report?

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Cardano’s parent firm IOHK shared a blog via Twitter detailing the latest updates on the blockchain. In it, the article highlighted various activities carried out by its development teams. With respect to decentralization, the report states that the Hydra team held a planning session and updated the Hydra development roadmap.

For the initiated Hydra Heads, the first in a suite of protocols is a critical element in Cardano’s scaling journey. It refers to a collection of Layer 2 solutions aimed at improving network security and scalability.

The status updates further read 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.

Cardano’s token burning rumors sparks confusion

Cardano ecosystem has grown at a tremendous pace. As reported by TronWeekly, 517 projects are currently deployed on the network as of March 11. Even data from Santiment showed that Cardano remains among the top five fastest developed assets in the last 30 days. 

However, the community has been abuzz with rumors of ADA token burn activity. The source could be traced back to a tweet from Clark Alesna, developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Hoskinson and said he will start production of a burn smart contract for ADA. Alesna said,

It seems like no one really took Charles Hoskinson challenge to build a ADA burn smart contract challenge that he put out some time ago. So, I’m taking matters into my own hands and started to plan and code it this weekend. I’ll update you guys soon.

The tweet and its replies suggested Alesna was merely teasing. But the message generated significant media attention and news began to emerge of an upcoming ADA token burn. That triggered a reply from Cardano’s creator Hoskinson himself who send this as a response.

Most of the ADA community seems to agree a burning mechanism will never be implemented in the ecosystem and slammed the rumors as “misleading”.

Cardano [ADA] price risks free falling amidst global sell-off

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Cardano [ADA] has been no longer immune to the panic selling that is currently engulfing the broader crypto market. The native token fall by 60% from its all-time high of $3.02 on 2nd September 2021. ADA saw a drop in value of 10.06% on Saturday making it one of the largest one-day percentage losses since Wednesday on October 2, this year.

The move further pushed the altcoin’s market cap downwards to $47.9 billion, which is approximately 2% of the total cryptocurrency market cap. At the time of writing, the asset is changing hands at $1.38 with a 24-hour trading volume of $2.87 billion. Cardano’s market cap was found to be at $45 billion. In the daily hours, the 6th ranked cryptocurrency registered a minor gain of 0.02% but was down by almost 9% in the past seven days.

What does Cardano [ADA] Price Chart Indicate?

ADAUSD 2021 12 05 14 44 58
Cardano [ADA] price risks free falling amidst global sell-off 5

In the 4-hour chart, the concluding green candles of the Awesome Oscillator [AO] are gearing towards the upswing in the market. However, the Klinger Oscillator [KO] after undergoing a bearish crossover continued moving below the equilibrium layer further indicating a downtrend in the price of the coin. On a similar path, the Chaikin Money Flow [CMF] hovering below the zero line is projecting weak inflows but an increasing amount of capital outflows in the asset’s market.

ADAUSD 2021 12 05 14 01 37

The Bollinger Bands [BB] depicted in the above 1-day chart does not indicate any volatility in the asset market. The MACD attempted for a crossover on the upside following a mild recovery. However, the increasing sell pressure favored the bearish narrative. On the trading aspect, the Relative Strength Index [RSI] nearing the 30 mark is signaling the impending oversold zone, and a further downtrend would confirm the same.

So, is it all over for Cardano Investors?

Though from the price perspective, Cardano has not been able to cross the $2 mark since mid-November, however development on the network has been overall healthy both on GitHub and in terms of DeFi. As a matter of fact, many prominent protocols in the ADA ecosystem like an upcoming DEX SundaeSwap, Genesis Auction House, among others have been rapidly growing.

Israeli trading firm plans to remove Cardano [ADA] and Tron [TRX] by 2022

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In a new twist of events, Israeli trading entity eToro has decided to remove Cardano [ADA] and Tron [TRX] from its platform for US users, by the end of this year. According to the press release, the latest announcement meant that customers in the US would be unable to open new positions or collect staking rewards with regards to the two native tokens. However, the trading firm specified that it will facilitate users to close existing positions, they deemed fit.

With regards to the dates, the blog post revealed that the aforementioned delisting of ADA or TRX positions will commence from December 26, 2021. Along with that, staking for those crypto assets will close by 31st December. The trading entity said the decision to delist from its exchange was taken considering the current unfolding events in the regulatory environment.

The move raised eyebrows especially in the case of layer one blockchain Cardano which did not appear to be under the prying eyes of the regulatory bodies. In fact, a few months ago, Charles Hoskinson of Cardano joined hands with an analytics provider Coinfirm to ensure compliance with regulatory guidelines such as Anti-Money Laundering rules [AML] and Financial Action Task Force [FATF] recommendations. On the price front, ADA too has witnessed a steady surge and is currently the 6th biggest by market capitalization.

Crypto-Trading Firms under the radar

Lately, firms operating in the crypto industry have come under intense scrutiny from regulatory agencies in terms of delisting coins or terminating certain services. Earlier in September, Crypto exchange platform, Coinbase decided to pull the plug on its future lending project after the Security and Exchange [SEC] issued a warning to take legal action. Another case is the Ripple Vs SEC where the blockchain firm has been accused of selling $1.3 billion worth of the crypto asset XRP in unregistered securities offerings. Similarly, Privacy coin Monero is also facing the heat due to rising concern of being misused for illicit activities.

Nevertheless, the burgeoning growth of decentralized exchanges [DEX] and decentralized finance [DeFi] protocols have provided popular alternatives for those seeking to legally avoid such clampdowns.

Cardano [ADA] Debuts in Multi-Chain Bitrise Wallet

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Cardano [ADA] got officially listed on Bitrise wallet, a decentralized finance [DeFi] project built on top of Binance Smart Chain. The news assumed significance for the Bitrise community as wallet holders would now be now to purchase ADA tokens without leaving their wallets. Apart from that, the listing would also help cut down the cost of buying the crypto asset and facilitate trading on par with other tokens.

A few days ago Cardano got listed in Europe’s leading crypto exchange, Bitstamp marking a new chapter in the coin’s history.

Giving a brief overview, the Luxembourg based exchange stated,

It’s a blockchain platform built on the Ouroboros, the proof-of-stake consensus protocol, and developed using the Haskell programming language that enables Cardano to pursue evidence-based development. This supposedly achieves unparalleled security and stability. The result of tech, that’s underpinned by extensive research and scientific approaches to find the best possible solution that’s completely scalable, is a blockchain platform that’s utterly impressive in its capability and performance, and which is truly able to support global applications, systems, and real-life business use cases.“

Cardano [ADA] recent developments

The Proof-of-Stake [POS] platform gained significant traction when its native token hit a new record of $18.24 billion in terms of cumulative transaction volume on 16th November this year. Following this, it went on to become the third most active chain after major crypto behemoths like Ethereum [ETH] and Bitcoin [BTC].

Along the same time period, Cardano’s ADA finance was adjusted as the “Best Defi Project of the Year” at the AIBC Summit held between 15-18 November 2021. The win is the first of its kind for a Cardano project. ADA Finance is the cross-dual-chain DeFi protocol that facilitates users to choose the network they run the ecosystem and provide access to run multiple DeFi tools such as lending, staking, farming, etc.

On the price aspect, ADA is currently trading sideways as it followed the broader market momentum. At press time, it is currently changing hands at $1.88 after registering a negative 0.09% in the last 24 hours. The 6th largest crypto asset market cap was found to be $62.42 billion while its 24-hour trading volume stood at $1.58 billion.

Cardano [ADA] transaction volume hits $18.2B

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Cardano [ADA] is currently on a drawdown as it followed the general market momentum. However, the token achieved a new milestone as it briefly clocked a new high of $18.24 billion in total transaction volume. Following that, it went on to become the third most active chain only next to the dominant crypto asset, Bitcoin [BTC] on the 16th of November.

As per the latest Messari data, Cardano was ranked just behind its rival Ethereum [ETH], with a transaction volume of $13.39 billion over the past 24 hours. The stats compiled by the on-chain database platform noted that ADA is trailing behind ETH by a margin of $7 billion in terms of transaction volume. Additionally, the total active address [TAA] currently was found to be around 253K.

Screenshot 2021 11 16 123947

With respect to its active address count, the number has grown by more than 134K in a span of just two months. As per Cardano data aggregator, Pooltool, the number of wallets has reached 955K at press time, from 821K addresses in last September. In fact, the network reportedly crossed the 2 million wallets milestone at the beginning of November.

ADA also witnessed a massive price surge in anticipation of the Alonzo upgrade activation In late August this year. The network gained a lot of traction owing to the hard fork’s smart contract functionality, bringing it closer to competitors such as Ethereum [ETH], Binance Smart Chain [BSC], and Solana [SOL]. As per the latest news, the much-anticipated update dubbed Hydra is still currently under research and development. So far, no launch dates have been divulged.

What’s next for Cardano [ADA] ?

Cardano [ADA] founder Charles Hoskinson recently unveiled the roadmap of the network for the year 2025. Revealing further Hoskinson said that a team is currently working on the remaining Basho and Voltaire phases and another group is evaluating the ”next-generation” technology. On being asked how this roadmap is different from the previous, he said,

“The 2025 roadmap is more about what future markets, problems, and concerns do we need to capture as an ecosystem as we grow from the millions to the billions.”