Cardano (ADA) was among the top-performing cryptocurrencies back in the year 2021. However, like the rest of the major cryptocurrencies, ADA also experienced a major dip in its trading value.
Even in the year 2022, Cardano has continued struggling to see a bright day like the rest of the crypto but to no avail. It seems that Cardano is facing an even darker period than the likes of Bitcoin and Ether.
Cardano’s Vasil Failure
Every project or upgrade Cardano has been working on is not bringing the results and outcomes it expects from them.
The major upset for Cardano in the year 2022 was the “Vasil” upgrade. The developers behind the development of the Vasil upgrade had boasted it for a while.
On several occasions, the Cardano developers claimed that the upgrade would prove to be an ETH killer.
Just as ETH launched its “Merge” upgrade on September 15, Cardano launched their Vasil on September 22. However, the upgrade was not able to do even the slightest of damage to ETH.
Due to the market downtrend and the global economic pressure, it was not able to bring in the results it was expected to.
Cardano’s Failures Continue
Following the Vasil disappointment, the Cardano developers were anticipating that their in-development stablecoin will be able to make a difference.
However, things seem to have gone south even for the stablecoin as the project has been halted by the teams working on it.
Ardana’s Concerning Announcement
Ardana, a leading DeFi entity behind the creation of the Cardano ecosystem recently made an announcement about the stablecoin project.
The firm announced that in light of the recent developments, they have decided they will halt the stablecoin project. This means that a stop has been put on the completion of Cardano’s ecosystem.
The Ardana officials clearly mentioned that they have been facing multiple financial issues as well as development issues with the stablecoin project.
They have faced multiple issues in regard to the funding of the project. Moreover, they are faced with uncertainties about the completion time of the project.
Therefore, it is better for them to put the project on hold until they find the right team to work on the project and complete it for good.
dUSD is Just an Idea for Now
Following the announcement, the entire Cardano ecosystem has been sent back into the dark. The situation is not getting better for the project and it is constantly moving into the negative side.
Ardana is now waiting for a team of highly skilled and competent developers to work on the project. Until then, the project will remain on the hook, and ADA’s price may continue hurting.
In the past 24 hours, the trading price of ADA has dipped 3.87% and it is currently down at $0.305. The year-to-date performance shows ADA is down by 77.88%, not a good sign for the sixth-largest crypto.