Cardano Chang Hard Fork: Here Are 5 Upcoming Updates To Watch

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As a researcher who has closely followed Cardano’s development since its early days, I must say that the upcoming Phase 2 of the Chang Hard Fork is nothing short of exhilarating. The first phase was just the tip of the iceberg, and now we are gearing up for a wave of updates that will truly solidify Cardano’s commitment to community governance.

The transition of Cardano into Voltaire is becoming more apparent as we’ve only implemented the first stage of the Chang Hard Fork on-chain so far. Preparations are underway for Phase 2, which brings exciting new features to further solidify its shift towards community governance. With this in mind, EMURGO, Cardano’s commercial arm, has hinted at significant updates that will accompany the second phase of the hard fork.

Cardano Chang Hard Fork, What Is Coming Again?

According to previous reports from Coingape, the Chang Hard Fork was activated on the mainnet in September, signifying a significant achievement for the Layer-1 Proof-of-Stake (PoS) network. This initial phase brought about features such as enabling the Interim Constitutional Committee (ICC).

During the second stage, community members will be able to cast votes for Delegate Representatives (DReps). It’s crucial to mention that DReps play a significant role in the broader movement towards decentralized governance. By being elected, DReps will gain the authority to vote on proposals and governance actions on behalf of others.

In the upcoming Cardano Chang Hard Fork Phase 2, there will be an upgrade for Stake Pool Operators (SPOs). During this phase, SPOs will have the power to influence significant changes in the protocol by leveraging their staked assets. The third phase of updates, specifically focusing on Governing Actions, will expand the proposal of governance actions to other participants within the Cardano ecosystem. This means that with a minimal amount of ADA tokens, any user can propose an update and receive their tokens back after the voting period concludes.

3/ Proposing Governance Actions

The proposal will be going through a voting process by DReps and SPOs to ensure the…

— EMURGO (@emurgo_io) October 29, 2024

The significant update known as Treasury Withdrawals will be integrated during the Cardano Alonzo Hard Fork Phase 2. Once the related proposals are approved, this functionality will allow for the distribution of funds to facilitate the implementation of suggested modifications.

During the first phase, the ICC saw widespread involvement, and in the next stage, we’ll broaden the Constitutional Committee to encourage more active participation from a larger community. The exact schedule for this second phase hasn’t been set yet, but it’s expected to happen around early 2025.

Cardano Valuation Boost And Other Projects

Over the past week, Cardano has been a prominent topic on many cryptocurrency news outlets, not just due to the Chang hard fork, but also because of the Bitcoin-Cardano bridge being developed by BitcoinOS. This bridge aims to link the two protocols together.

Combining Cardano’s advanced programming capabilities with Bitcoin’s market liquidity could significantly reshape the landscape of Decentralized Finance (DeFi). Leveraging Bitcoin’s liquidity might potentially influence the value of ADA as well.

At this moment, the price per unit of the coin is at approximately $0.3515, marking a 2.40% increase over the past 24 hours. Given Bitcoin’s recent surge, there could be further price appreciation for this coin in the near future as it continues to gain value.

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2024-10-30 00:32