As a seasoned researcher who has been closely monitoring the crypto market for years now, I must admit that watching Cardano (ADA) return to the top 10 is like witnessing a phoenix rise from the ashes. The anticipation surrounding the upcoming Chang hard fork has undeniably played a significant role in this resurgence.
The original digital currency of the Cardano blockchain network, known as ADA, has once again found its place among the top ten most valuable cryptocurrencies.
In the last 24-hour period, ADA experienced a jump of over 5%. This surge allowed it to exceed Tron (TRX) in terms of market capitalization.
According to U.Today’s report, the long-awaited Chang hard fork for Cardano is anticipated to take place on August 27, following several months of eager expectation.
By the end of July, the network was all set for an upgrade following the release of Node 9.1, the most recent version of the validator node. It required about three weeks for at least 70% of stake pool operators (SPOs) to update their nodes to the latest version. According to Cardano developer Input Output, it seems that decentralized applications (dApps), exchanges, and other related entities have also prepared themselves for the Chang hard fork.
Jack Briggs, Intersect’s marketing and communications director, posted: “Chang is almost here! We’re receiving updates from every corner of our ecosystem and consistently updating the hard fork readiness page with new changes.”
In simpler terms, the initial stage of the highly awaited update called a hard fork will pave the way for self-governing functions on the Cardano blockchain to become available. These full decentralized governance capabilities will be activated during phase two, as explained by Chang.
Despite the buzz surrounding Changphase causing ADA‘s price to rise, it’s important to note that this cryptocurrency is still significantly lower, having dropped 88% from its peak of $3.09, a level it reached in September 2021. The highest point for ADA was around the time when the Alonzo hard fork was released, an event that introduced smart contracts to the Cardano network.
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2024-08-22 09:05