Cardano (ADA) projected vital signs of life at press time, all thanks to numerous upgrades/developments on the network. On the other hand, there is a lot of FUD around too.
Needless to say, such FUDs are not new anymore. In fact, Charles Hoskinson, CEO of IOHK, once rejected all “FUD ghost chains” by simply sending a card of the Cardano ecosystem.
However, looks like the ghost from the past came back to haunt the network again, right before the upcoming Vasil upgrade.
Ghosts of Cardano’s past
The price movement of Cardano (ADA) has been heading in the negative direction of late, with the seven-day chart predominantly red. Alas, given Vasil’s adoption, the Cardano rollercoaster this week struck another high chord on 27 August. Consider this – as per Pool Tool, 69% of Cardano’s staking pool operator nodes have adopted the latest v1.35.3.
This might have had a corresponding impact on ADA’s price, with the same noting a 3% incline on the charts.
Is that sufficient enough to silence the FUD around the Cardano ecosystem though? Well, not really, as influencers did censure the network for a slow/negative growth.
For instance, a TikToker with over 600k followers claimed, “for a project that has a market cap as high as it has, Cardano does not have much to show for it.”
In fact, the influencer asserted that users have started to lose faith in the ecosystem. Here, it’s worth pointing out that according to the influencer, Solana possesses “much more functional blockchain and a much more functional platform than Cardano has ever even gotten close to being.”
Goes without saying then that Hoskinson didn’t take the censure too well, with the same evident in his reply. Hoskinson tweeted,
The consequences of headlines: Shallow information gets propagated by influencers to massive networks of people. Truth gets lost in the land of misinformation. As predicted, catastrophic bug is now paired with ghostchain. It will stick for months https://t.co/4qkIsTUCTq
— Charles Hoskinson (@IOHK_Charles) August 27, 2022
Furthermore, to add more support to his claims, Hoskinson shed some light on Cardano’s progress. He opined,
“150 papers, 3 million person community in 100+ countries, 1000+ projects building on Cardano, higher brand engagement than IBM and BMW, listed on 200 exchanges, always been operational since launch, adopted by countries and fortune 500 companies….”
In fact, 1,075 projects are being built on the Cardano network to be precise.
If everything goes according to plan and all the bugs are ironed out, the Vasil hard fork could go live in the coming weeks. Input Output, to inject certainty, even launched a site for latest Vasil updates for the community.
Needless to say, the Vasil hard fork is Cardano’s most anticipated blockchain upgrade since Alonzo went live last September. The buzz for the upgrade is real too, as can be observed from different on-chain indicators.
For instance, according to LunarCrush, Cardano was the “Coin of the day” on 26 August considering its most recent performance. In addition, ADA’s trading volume surged beyond the 1.3B mark on 27 August, as can be seen in the graph below.