It was just recently launched (Sept. 12, 2021) to be able to handle smart contracts, but the signs are, Cardano may not be up to the task yet. Crypto critics points out smart-contract testnet errors and complained that the blockchain wasn’t fit for purpose as a decentralized finance platform. One expert says it will require tons of workarounds for developers as it is not able to build certain types of common DeFi applications.
In wake of this, Cardano’s native token ADA fell 10%, falling as low as $2.58. The concurrency issues also forced Cardano’s first dApp Minswap to shut down its testnet.