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Cardano Is Bleeding Following Setback on Vasil Upgrade Testing

Cardano Is Bleeding Following Setback on Vasil Upgrade Testing

The Cardano (ADA) community would have to wait indefinitely for a network upgrade following news of a major bug on a node (Node v 1.35.2) breaking the Cardano testnet.

Talking about the latest setback in achieving the Vasil upgrade for the network, Adam Dean, a well-known Cardano developer, explained that the network testnet is “catastrophically broken.” The setback on the upgrade roadmap irked the community, even more, considering this testnet was said to be “Tested and Ready.”

Dean took to Twitter on August 18, clarifying:

“This bug was only discovered because operators rushed to upgrade on #Mainnet and it was creating incompatible forks and causing a decrease to chain density.

Testnet is still broken, due to the majority of operators having upgraded to 1.35.2 on testnet to simulate a Vasil HFC event there, 1.35.3 is now incompatible and incapable of syncing the chain, legacy installations are still on one fork or another.”

The Cardano developer later shared a complete recovery plan containing steps to be taken to set the upgrade back on track. But will this be enough to salve the anger among community members?

ADA Is Not Taking the News Well

ADA has not reacted favorably to the recent news of a delay in the Vasil upgrade and has printed a notable plunge in the early London session on Friday. Data from CoinMarketCap shows Cardano is down over 12% in the last 24 hours. However, many would argue that the cryptocurrency had this coming after struggling to breach the upper band of a bearish flag pattern.

Cardano has now refreshed its lowest point since July 27, $0.460, threatening even more corrections. At this point, the possibility of the eighth-largest cryptocurrency nearing the unbroken support at $0.400 seems very likely in the coming days. However, it is yet to be seen how this support, if retested, can be broken.

Daily ADA/USD Chart On TradingView
Daily ADA/USD Chart On TradingView

ADA Is Not Alone In the Mayhem this Week

Crypto traders woke up to a falling market this week after Bitcoin (BTC) failed to break the $25,000 barrier. This triggered a marketwide correction, shaving over 12% of the total market capitalization. At press time, the crypto market is a “sea of red,” with every major cryptocurrency (top 50) recording notable losses. The market has essentially surrendered all the gains recorded in August today, with trading momentum approaching overheated conditions.

Crypto Market Heatmap from CoinMarketCap

Cardano is the second-biggest loser among the top ten cryptocurrencies today. Taking the number one spot is Dogecoin (DOGE), sitting on a 14.2% loss.

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This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.

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