TL;DR
- 70% of Staking Pool Operators (SPOs) have upgraded to node version 9.1.0, bringing the activation of the Chang Hard Fork on Cardano closer.
- The Chang hard fork seeks to remove IOHK’s direct responsibility for managing Cardano, promoting decentralized governance.
- ADA price has increased by 2.9% over the past 24 hours, with trading volumes increasing recently.
The Chang hard fork upgrade on the Cardano blockchain is on track to be implemented soon, with significant progress on node upgrades.
According to recent reports, 70% of Staking Pool Operators (SPOs) have adopted node version 9.1.0, an essential step to activate the Chang Hard Fork.
🔥 UPDATE: #Cardano Node Version 9.1.0 = 70% #ChangHardFork https://t.co/NzIFGhIDr0 pic.twitter.com/Cr4oYMuLEn
— Cardano Feed ($ADA) (@CardanoFeed) August 8, 2024
This development is an important milestone for the network, which seeks to transform its governance structure.
The main goal of the Chang hard fork is to usher in the Voltaire era for Cardano, focusing on decentralized governance.
This upgrade aims to reduce the direct influence of IOHK, the company responsible for the development of Cardano, allowing ADA holders to participate more actively in decision-making and the growth of the network.
The transition to decentralized governance is critical for Cardano, especially in a context where its competitors are already moving forward in this direction.
The implementation of the Chang Hard Fork will be carried out in two phases.
The first phase, known as Intersect, involves the publication of a provisional version of Cardano’s constitution.
An Interim Constitutional Committee (ICC) will oversee that governance actions are aligned with this constitution.
This initial committee will consist of seven members from the Cardano Foundation, IOG, EMURGO, and Intersect, as well as three community members elected by vote.
Market Outlook for Cardano ADA
As the Chang hard fork nears activation, the ADA market has been showing positive signs.
Over the past 24 hours, the token price has increased by 1.40%, reaching $0.3426 according to official data from CoinMarketCap.
Although trading volume has decreased slightly, the hard fork update could trigger a significant increase in the price of ADA.
Recently, ADA trading volume saw a 31% increase in a single day, totaling $800 million and $457.71 million in Cardano perpetual futures volume.
The Cardano community is waiting for the next moves related to the Chang Hard Fork.
With the 70% node upgrade threshold reached, the network is preparing for a transition to more inclusive and decentralized governance.
This change not only represents an advancement in the blockchain infrastructure, but also an opportunity for ADA holders to take a more active role in the future development of Cardano.
