As a seasoned crypto investor with over a decade of experience under my belt, I find myself closely watching the latest developments within the Cardano ecosystem. The upcoming Chang hard fork has me genuinely excited, not just because of the potential price action it could bring, but because of the immense impact it might have on the future of decentralized governance.
Over the last seven days, Cardano (ADA) has experienced a robust surge, gaining close to 15%, boosted by an overall positive trend in the cryptocurrency market. This price jump follows hot on the heels of Wednesday’s announcement revealing the official launch date for the highly anticipated Chang hard fork upgrade on the blockchain.
The Chang hard fork, referred to as a significant advancement for the Cardano network, is scheduled to institute a minimal operational on-chain governance system, as detailed in CIP-1694. This update will be implemented in two phases, with the initial phase introducing fundamental governance functions to the blockchain.
Intersect Unveils Timeline For Chang Hard Fork
According to a previous report by Bitcoinist, the main organization within the Cardano ecosystem, Intersect, has revealed that the Chang hard fork working group has assessed advancements and public input, setting the stage for the official submission of a proposed schedule for the upgrade’s launch.
The planned mainnet hard fork has been marked for Tuesday, August 27th. A definitive call on this matter is expected by early Friday, August 23rd, providing a four-day window to carry out the essential governance procedures and approve the hard fork.
Charles Hoskinson, the creator of Cardano, shared his excitement about the imminent update, saying, “Ready for Chang? The rocket is all set to launch! Governance is almost here.”
Cardano Prepares For Governance Evolution
In line with the Chang hard fork, Input Output Global (IOG), the development company behind the Cardano blockchain, has rolled out a compulsory upgrade for the Daedalus wallet, version 6.0.0. This update is crucial for users to function within the “Conway era” post the hard fork.
As an analyst, I’m excited to share that the initial stage of the Chang upgrade, known as Chang Upgrade #1, is set to roll out. This phase will integrate fundamental governance elements into the Cardano blockchain, signifying the start of what we refer to as the “technical bootstrapping phase” as outlined in CIP-1694. In simpler terms, we’re about to add crucial governance features and kick off a significant phase in the development roadmap for Cardano.
In the next phase, Chang Upgrade #2, we’ll broaden the scope of our governance improvements. This step marks a significant shift from the initial setup phase and allows us to fully utilize the extensive functionalities detailed in CIP-1694.
As I pen this analysis, Cardano (ADA) has experienced a 8% surge over the past 24 hours, currently trading at $0.3701. Notably, it’s sitting just under its 200-day Exponential Moving Average (EMA), which stands at $0.3779. This EMA serves as one of ADA’s immediate barriers, potentially halting any further upward price movement.
If the ADA price manages to surge past this significant marker, it could pave the way for returning to the $0.400 price point, an area not visited since the wider market downturn following the crash on August 5th.
As a crypto investor, I’ve noticed that the token’s 50-day Exponential Moving Average (EMA) is currently at $0.3505, serving as a robust support for the ADA price on the daily ADA/USDT chart. This significant line in the sand has so far prevented another dip down to the $0.3110 level, offering a glimmer of hope for those holding ADA.
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2024-08-22 06:04