- Cardano schedules Chang hard fork’s initial phase for August 27, aiming to transition to community-driven governance.
- Over 70% of Cardano’s stake pool operators upgraded to Node Version 9.1.0, signaling readiness for the update.
Cardano, under the stewardship of Tim Harrison, VP of Community and Ecosystem Communications at Input Output, has scheduled the Chang hard fork’s initial phase for August 27 on the mainnet.
“Are you prepared for Chang? Rocket is on the pad. Governance is coming,” Cardano founder Charles Hoskinson commented on his X social media account.
This update seeks to shift Cardano towards a governance model led by its community. A conclusive decision on the hard fork is scheduled for August 23, according to the latest announcement.
In preparation for the upcoming update, over 70% of Cardano’s stake pool operators (SPOs) have transitioned to Node Version 9.1.0. This significant upgrade highlights the network’s preparedness for the forthcoming hard fork.
Additionally, Input Output has observed enhancements in market liquidity and operational readiness across leading decentralized applications (dApps) within the Cardano ecosystem.
Amid advancements and updates for the upcoming Chang hard fork, ADA, the primary token of Cardano, has seen a decrease in market position.
It recently moved out of the top ten in terms of market capitalization and is presently ranked 12th, holding a market value of $12.3 billion, according to ETHNews.
This shift occurs even as the network gears up for what Charles Hoskinson, founder of Cardano, has highlighted as a important point.
Are you prepared for Chang? Rocket is on the pad. Governance is coming https://t.co/DFCKjALuzI pic.twitter.com/zBjLorA3Sw
— Charles Hoskinson (@IOHK_Charles) August 20, 2024
The Chang hard fork is anticipated to be a good event for Cardano, emphasizing a shift towards a governance model that involves more direct participation from its community.
— Intersect (@IntersectMBO) August 20, 2024
This change is expected to influence not only the operational aspects of the Cardano network but also its position within the broader cryptocurrency market.
Current Financial Analysis of Cardano (ADA)
Price Overview:
As of the latest data by ETHNews, Cardano (ADA) is trading at $0.349088 USD, reflecting a 2.16% increase. The cryptocurrency has shown a daily range between $0.343633 and $0.349088.
ADA’s market capitalization stands at approximately $12.549 billion with a 24-hour trading volume of $228.40 million.
Financial Analysis
Market Performance: Cardano is currently experiencing a bullish movement, with a slight uptrend in its recent performance. Over the past year, ADA has faced considerable volatility, with a 52-week range fluctuating between $0.237626 and $0.806985.
Despite this, ADA remains a top player in the crypto space, particularly due to its strong fundamentals and active development ecosystem.
Circulating Supply: The circulating supply of ADA is 35.95 billion coins, out of a total supply of 37.14 billion. This indicates that most of ADA’s total supply is already in circulation, which can impact its price due to the limited availability of additional coins entering the market.
Volume Indicators: The 24-hour volume shows a healthy level of trading activity, suggesting sustained investor interest.
With a volume-to-market-cap ratio of approximately 0.0182, ADA is seeing modest liquidity, which is typical for a cryptocurrency with its market cap size.
As the date approaches, stakeholders within and outside the Cardano community are closely monitoring these developments, assessing their potential impact on the network’s future trajectory.
