The collapse of Terra (LUNA) has harmed the development of Cardano (ADA), according to Cardano (ADA) founder Charles Hoskinson. According to Hoskinson, the ramifications of the TerraUSD (UST) algorithmic stablecoin’s de-pegging have caused Cardano developers to be more cautious in their plans for a Vasil upgrade.
Charles Hoskinson stated:
“Our engineers are now deep in the weeds and working tirelessly on Vasil. There’s a lot to do, and a lot of testing to perform. Following the failure of LUNA, we decided to add an additional test harness to what we’re doing and think about some things more carefully. It’s taking a little longer, but we decided that being cautious is a good thing these days.”
Cardano’s scalability has been improved because of the Vasil upgrade, which also improves the blockchain’s smart contract language, Plutus. The improvement will take place in late June.
Aside from Cardano, Hoskinson believes that the Lummis-Gillibrand Responsible Financial Innovation Act, which was just unveiled by US Senators Cynthia Lummis and Kirsten Gillibrand, is a “huge step forward” for the industry.
Charles went on to say:
“To be honest, this is a huge step forward. It’s an example of Washington paying attention to the sector. And he was socially active. And it wasn’t skewed toward one ridiculous standard or the other, and it wasn’t snatched up by a lobbyist and turned into a toxic creature that only helps one actor over another. My goal is that if we all work together over the next 12-24 months, we can finally pass something and call it a day. We actually have a regulatory base that isn’t overbearing and allows us to evolve as a business.”
The law aims to establish legislative certainty for digital assets, tax crypto assets appropriately, and protect consumers, among other things.
Read more: IOHK CEO Charles Hoskinson reveals key factors for Cardano ecosystem growth
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