The collapse of Terra (LUNA), according to Cardano (ADA) founder Charles Hoskinson, has had an impact on the development of the sixth-largest crypto asset by market size.
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.
“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.”
Cardano’s scalability has been improved because to 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.
“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 law aims to establish legislative certainty for digital assets, tax crypto assets appropriately, and protect consumers, among other things.
Source: Daily Hodl