The price of Cardano has drifted downward over the previous week, mirroring the market’s overall attitude. The cryptocurrency may be about to see greater losses after briefly losing its position as one of the values in the top 10 cryptocurrencies by market capitalization.
Cardano’s price downturn is mostly due to the result of the cryptocurrency’s inability to respond to recent events that were raising expectations for the bullish side of the market. The first is the Ethereum “Merge,” which marked the end of the cryptocurrency’s switch to Proof-of-Stake (PoS).
Additionally, the Cardano network was getting ready to launch a significant update via a Hard Fork Combinator (HFC) event called “Vasil” on its mainnet. The current upgrade might have been ignored by the market participants.
Is ‘Daedalus’ a New Catalyst?
Charles Hoskinson, the founder of Cardano, in a YouTube video on September 28, released the Cardano wallet Daedalus Turbo proposal—now approved and funded with $759,000. According to the proposal, the existing Daedalus wallet synchronization time is 10 times longer than that of the Daedalus Turbo algorithm.
In the proposal, it is said that Daedalus, the centralized Cardano wallet, is cumbersome and takes hours to resync when only seldom used. As a result, new users have a negative perception of Cardano. According to Charles Hoskinson, this is accurate for computing-related reasons.
He wants to do away with the idea of an official wallet and let developers create verified wallets using the standards as a guide. The passing of the idea to create a technically impossible Daedalus wallet has saddened the community, including giving a single proposal 6% of the entire Catalyst money.
“We hope to get rid of the notion of an official wallet altogether and instead have a certified wallet versus non-certified, and under the certification standards, you can put functional and non-functional requirements, including benchmarking and performance requirements for user experience.”