Cardano (ADA) founder Charles Hoskinson is revealing that the Terra (LUNA) collapse has impacted the development of the sixth-largest crypto asset by market cap.
Hoskinson says the ripple effects of the de-pegging of the TerraUSD (UST) algorithmic stablecoin have forced Cardano developers to exercise more caution in plans for a Vasil upgrade.
“Our engineers are deep in the weeds right now and working real hard on Vasil. A massive amount to do, a huge amount of testing to do.
After the collapse of LUNA, we decided to add an additional test harness to what we’re doing and think really carefully about some things. It’s taking a bit more time but we figured that the abundance of caution is well rewarded these days.”
The Vasil upgrade is aimed at increasing the scalability of Cardano and improving the blockchain’s smart contract language, Plutus. The upgrade is scheduled for late June.
Besides Cardano, Hoskinson also says that the recently released crypto regulation bill by US Senators Cynthia Lummis and Kirsten Gillibrand, the Lummis-Gillibrand Responsible Financial Innovation Act, is a “massive step forward” for the industry.
“Frankly this is a massive step forward. It’s an example of where Washington actually did listen to the industry. And engaged with people. And it didn’t bias it towards one crazy standard or another and a lobbyist hasn’t gotten hold of it and turned it into some toxic monster that only benefits one actor over another…
My hope is over the next 12-24 months if we all work together we can finally get something passed and then it’s done. We actually have a foundation of regulation that’s not intrusive and allows us to innovate as an industry.”
The bill seeks to, among other things, provide regulatory clarity for digital assets, tax crypto assets responsibly and protect consumers.