As Cardano prepares for its highly anticipated Chang hard fork scheduled for August 27, the crypto community is abuzz with excitement and anticipation. This significant upgrade marks a pivotal moment in Cardano’s journey towards full decentralization, ushering in the “Voltaire era” of community-driven governance.
Co-founder Charles Hoskinson has emphasized the transformative potential of the Chang hard fork, which introduces voting mechanisms that empower the community to directly influence the network’s future direction. Named after Phil Chang, a prominent figure in Cardano’s early governance, the hard fork will enable advanced participation mechanisms, including delegating votes and withdrawals from the community treasury, fostering innovation and engagement within the ecosystem.
In the lead-up to the hard fork, Cardano has been locked in an intense competition with Tron to secure a top-ten position among cryptocurrencies by market capitalization. This rivalry intensified after Cardano briefly slipped out of the top ten on August 20, 2024, as Tron’s valuation surged due to its new meme coin launch platform, SunPump.
However, the hype surrounding Tron has begun to wane, evidenced by a 6% price drop. In contrast, Cardano has witnessed a 4% rise, bringing its market cap to $13.16 billion, closely trailing Tron’s $13.40 billion. While Cardano momentarily surpassed Tron in market cap earlier today, it was unable to sustain its lead. The narrow gap between the two, approximately $250 million, suggests that Cardano could soon close it, especially with the momentum building towards the hard fork.
Preparations for the Chang hard fork are well underway, with over 14 crypto exchanges, including Coinbase, ready for the update. Others, like Binance, are nearing readiness. However, 23 exchanges have yet to start their preparations.
The network’s transition to the new era depends on 70% of the participation pool operators updating their nodes to version 9.0, a crucial step for the fork to proceed.
Also Read: Cardano (ADA) Could Soar 363% In 2023 – Analyst Predicts $1.60 Target
Despite the upcoming hard fork and growing anticipation, Cardano continues to face criticism for the slow price momentum of its native token, ADA. The token has experienced a significant decline of nearly 38% year-to-date, and it’s substantially down from its all-time highs. Yet, Cardano’s supporters remain unwavering in their belief in the project’s long-term potential.
As the final decision for the mainnet hard fork looms on August 23, the Cardano community is poised to enter a new chapter. This chapter promises technological advancements, strengthened democratic ethos, and potentially renewed market momentum for Cardano.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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