Several tokens powering some of the industry’s biggest Layer-1 protocols, including Cardano, Solana, and Avalanche, are among the worst affected by the latest bear market, dropping hefty value over the past week.
Cardano (ADA), the eighth-largest cryptocurrency by market cap, is down 9.5% over the last week, trading about $0.395 by press time, data from CoinGecko shows.
The Cardano blockchain went through a major upgrade with the Vasil hard fork in September, which introduced a host of new features, including an optimized code base and reduced transaction times.
Yet, the upgrade failed to boost the price of ADA, which is now down 22.5% over the last month, and almost 82% since the start of the year.
Solana (SOL) is similarly on the downtrend over the week’s span, dropping 8.3%. SOL, which is the industry’s ninth-largest digital asset, is now changing hands at $31.38, per CoinGecko.
The protocol, while promising faster and cheaper transactions, has seen five major outages since its...
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