This week's 5% increase in ADA price increases its market capitalization due to the upcoming Chang hard fork.
The impending hard fork will improve Cardano's governance and move toward a more decentralized model.
Chang's hard fork has brought some benefits in the short run for ADA; the coin's future depends on decentralization features.
Cardano’s ADA re-enters the top 10 largest cryptocurrencies by market cap after increasing by 5% within 24 hours. This recent upswing occurs as the community looks forward to the Chang hard fork that will be released on the 27th of August.
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With anticipation increasing, investors and traders eagerly observe the future of Cardano and how this hard fork will affect the position of ADA in the unpredictable world of cryptocurrencies.The Chang hard fork is a vital update expected to be implemented in the Cardano network to improve governance.
The hard fork will happen in two steps: The first step will focus on building the on-chain governance infrastructure. All these features are essential to achieving Cardano’s long-term plan of creating a fully decentralized ecosystem. The second phase of Chang will include releasing the final elements of decentralized governance, enabling the Chang network to operate autonomously and become more resilient.
ADA's Performance and Community Involvement
Many changes have been made to the Cardano network to introduce the Chang hard fork, with Node 9 being issued in mid-July. This update was essential in preparing the network for the desired upgrade.
In the case of the SDL hard fork, it took several weeks until 70% of the SPOs upgraded to a new node to enable the hard fork to go through. Input Output notes that Cardano’s development team, dApps, and exchanges are also ready for the changes.However, ADA is still almost 75% lower than the token’s record high, $3. , which was attained in September 2021 when the
The Alonzo hard fork was launched. An innovative contract feature was introduced to the Cardano network via the Alonzo upgrade, with ADA reaching its record high. However, the cryptocurrency has since declined by 88% from its previous highs due to the general market sentiment. Despite the short-term boost in ADA prices from the Chang hard fork, the long-term recovery will depend on the successful rollout of the upgrade and the ability of the Cardano protocol to deliver on the promised governance and decentralization.
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