Cardano (ADA) has shed 50% this year as this bear market has inflicted significant damage on the blockchain's aspirations to grow its ecosystem and draw interest to its architecture. Midnight Foundation Official X Account – Source: X.comThe hack highlighted the persistent vulnerabilities that the crypto space is exposed to, as third-party protocols used to connect different blockchains, in this case the BNB Chain and the Cardano chain, continue to be exploited by hackers via faulty code or governance protocols. This project is supposed to be a privacy chain associated with Cardano. ADA Seems Overvalued Based on On-Chain DataCardano has been a zombie blockchain for months now, as the project has seen its transaction volumes, daily active addresses, and other on-chain metrics take a big dive. Despite its heavily depressed on-chain metrics, Cardano is still being valued at $6 billion or 500 times its projected annual app fees using a very optimistic forecast of $12 million per year.