Cardano Gears Up for Decentralized Governance with Chang Hard Fork Nearing Launch

Cardano (ADA) is in the spotlight this week with the release of Node 9.0, the final software update needed for the upcoming Chang hard fork. This significant upgrade marks the beginning of the Voltaire era for Cardano, a new chapter focused on decentralized governance.

Chang Hard Fork: A Stepping Stone to Decentralization

Node 9.0, released on July 8th, paves the way for the Chang hard fork. This hard fork initiates Cardano’s transition to a fully decentralized blockchain system.

The Voltaire era, as outlined in Cardano’s roadmap, will see the introduction of Delegate Representatives (DReps) elected by ADA holders. DReps will be responsible for drafting a Cardano Constitution, the network’s supreme governing law.

Cardano Price Responds Positively

ADA price rose 2% on July 8th, erasing losses from the previous day. This bullish trend comes despite a general downturn in the crypto market.

The price increase is attributed to investor optimism surrounding the Chang hard fork. Historically, Cardano has seen significant price rallies preceding major upgrades.

Network Growth Signals Confidence

The number of active addresses on the Cardano network has grown considerably over the past month. This indicates increased network activity and user confidence.

Investors holding large amounts of ADA (10 million-100 million) have also been accumulating more tokens in 2024. Cardano funds have seen substantial inflows this year, further reflecting investor interest.

Challenges Remain Despite Positive Signs

ADA’s price is still below $0.40, a key resistance level. A lack of investor participation in network transactions could hinder price growth. A large portion of ADA supply is currently underwater, potentially leading to selling pressure if the price doesn’t rise.

Looking Ahead: Potential for Recovery

If ADA can regain support at $0.37, further price increases could be expected. Increased network activity and bullish signals are needed for a sustained rally. Overcoming the $0.40 resistance and attracting more users would be positive developments for ADA.