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ADA Up 13% with Cardano Chang Hard Fork Upgrade Close, Here’s What It Means
- Cardano is entering its final roadmap phase, the “Voltaire” era, marked by the upcoming Chang hard fork, which will introduce community governance and is targeted for August 27, 2024.
- The hard fork will also establish a treasury system to manage financial resources, fund development projects, and support community initiatives, ensuring the network’s sustainable growth.
- The Chang hard fork has recently boosted ADA’s price, with notable gains in the last two weeks.
Cardano (ADA) is entering its final roadmap phase, the “Voltaire” era. To start the transition into this era, Cardano developers are launching the Chang hard fork, which will bring community governance to the ecosystem and is expected to occur within the next week.
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This new phase will allow ADA holders to play a more direct role in shaping the network’s future. All in all, this move toward community-driven governance brings Cardano closer to its vision of becoming a fully decentralised blockchain platform.
Are You Prepared for Chang?
Intersec, a Cardano member-based organisation (MBO), indicated on X that the formal transition proceedings are “imminent”, proposing August 27 of this year as the target date for the mainnet hard fork, with a final decision expected on August 23, 2024.
“The next appropriate window for the hard fork following this date will be 3rd September; however, the current indications suggest the 27th of August is viable, and that is what the hard fork working group technical teams are working towards,” reads the post.
Charles Hoskinson, the founder of Cardano, wrote on X: “are you prepared for Chang?”.
Besides introducing on-chain governance, the Chang hard fork will establish a treasury system designed to manage financial resources, fund future development projects, and conduct community-driven initiatives, ensuring that the Cardano network can continue to grow and innovate sustainably.
As of today, data from Cardanoscan reveals that 81.6% of stake pool operators (SPOs) have upgraded to the latest node version, surpassing the 70% threshold required for the hard fork. The only issue is that only 37% of exchanges have adopted the new node. The remaining 33% are in progress, while 30% have yet to start the upgrade process, posing potential challenges for liquidity.
Can Cardano Break New ATH?
Cardano is often criticised for being overly meticulous in its approach to development and product delivery. They have adopted a sort of slow and steady way of doing things—prioritising research and peer review.
While this has its upsides, this approach often turns into a point of contention for investors and retailers who expect faster delivery, especially when there are other blockchains and ecosystems capitalising on new trends and emerging sectors in the crypto space.
Similarly, ADA has barely made notable gains in recent months. However, the announcement of the Cheng hard fork has given the coin a small boost in price.
Related: Tron Continues Network Growth as Cardano Drops Out of Top Ten Market Cap Ranking
Data from CoinGecko shows ADA is currently at US$0.3695 (AU$0.55), a change of 6.9% in the last 24 hours. Moreover, the coin has risen 9.9% in the last seven days and 13.4% in the last two weeks.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
