- Charles Hoskinson, the creator of Cardano, argues that bear markets bring out the best DeFi projects and drive development.
- Cardano devs gearing up for hard fork, nodes, ledger and Vasil consensus teams share progress updates.
- Analysts claim that Cardano’s price is approaching the buy zone and the altcoin may experience a massive breakout soon.
Cardano Input Output HongKong developers have shared a new development update on the progress made towards the Vasil hard fork and the Hydra upgrade. Analysts continue to hold a bearish outlook on the altcoin.
Cardano developers have released a new development update
Input Output HongKong (IOHK), the developers of Cardano, released a new development update on June 10, 2022. The developers commented on the progress towards Hydra and the Vasil hard fork.
The Node, Ledger, and Consensus teams continued to prepare for the Vasil hard fork and all operational teams remained focused on delivering the combinator event efficiently and seamlessly. They started working on the integration programs to make sure nodes and other components are compatible with Vasil. Teams will continue to address remaining issues that have been identified in the ongoing extensive testing program.
The networking team is currently working on the design phase and addressing other issues regarding the progress of the Vasil hard fork. The Hydra team worked on issues related to validators.
Charles Hoskinson says bear markets are better for DeFi project growth
Hoskinson, the creator of Cardano and CEO of IOHK, recently told the community that bear markets are better for developing DeFi. Hoskinson was quoted as saying:
I’ve personally been through, I think, like six bear markets now. And every time you’ve seen major breakthroughs. This is where the smart contract revolution comes from. This is where much of the DeFi revolution is coming from.
Hoskinson argued that there is a greater focus on interoperability improvements in the current bear market. He said,
…bear markets are the perfect time to [governance and improvements in interoperability protocols] happen because everyone is much more focused on work, and they tend to be much more cooperative.
Cardano price could fall
Christopher Lewis, a crypto analyst, assessed Cardano’s price trend and revealed that the 50-day EMA offers significant downward pressure on the altcoin, so ADA is struggling to recover. Once Cardano price breaks above the 50-day EMA, it could see a short-lived breakout.
If the price of Cardano breaks below the $0.60 level, it could be as low as $0.40. Since the 50-day and 200-day EMA are spread out, there is bearish momentum in Cardano’s price chart, and the altcoin is currently moving slowly and remains in a downtrend.
ADA-USD Price Chart