Why the Cloak and Dagger?

The purpose of the cloak was to obscure the presence or movement of the dagger, to provide minor protection from slashes, to restrict the movement of the opponent's weapon, and to provide a distraction.

Why did they cancel cloak-and-dagger?

As we mentioned before, it was primarily the leadership change and company restructuring in the Marvel Television that led to the cancellation of many TV series. With Jeph Loeb leaving after a decade as the head of television, Kevin Feige was promoted as the chief creative officer of the Marvel empire.

How did cloak-and-dagger get powers?

Cloak and Dagger were considered latent mutants in earlier appearances, whose powers were activated when they were injected with an experimental illegal drug. In later years, they have been listed as mutates, meaning that their powers were derived from an external mutagenic source.