Coinspeaker Cardano Chang Hardfork Fails to Boost Sentiment as ADA Price Tanks 5%
The Cardano Chang hardfork is finally live on the blockchain network triggering the Voltaire era of decentralized governance on the platform. On Sunday, September 1, Cardano officially started the process of transferring control of its $13 billion blockchain to the holders of the native ADA coins.
This makes Cardano one of the first blockchain networks to implement a token-based governance system. Input Output Global founder Charles Hoskinson has been initially overseeing the blockchain’s development in collaboration with Cardano’s official commercial arm EMURGO and the Cardano Foundation. IOHK CTO Romain Pellerin also celebrated the development calling it the act of “true freedom”.
#Chang upgrade was successful 🚀
"The power to decide, and the liberty to act, is the only true freedom." — Voltaire
#Voltaire #decentralized #governance is activated, #Cardano holders have now power to decide the fate of the protocol on-chain.
I have nothing more powerful… pic.twitter.com/WfAt6GtevB
— Romain Pellerin (@rom1_pellerin) September 1, 2024
With the Chang hardfork going live, ADA holders will be in control of Cardano’s governance thereby voting on key development projects and electing representatives. Cardano Improvement Proposal CIP-1694 also establishes three user-led governance bodies including the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). Thus, the Cardano Foundation, IOHK, and EMURGO will no longer have the keys to bring further hardforks or chain upgrades.
The first phase of the Cardano Chang Hardfork Introduces the Intermin Constitutional Committee and limits the power of earlier committees to change the blockchain’s code. The implementation of the second phase will happen in the next 90 days and will empower the new governance bodies.
ADA Price Gives a Disappointing Move
Amid the broader market correction, the Cardano (ADA) price has also dropped by 5% moving all the way to $0.3281 with its market cap slipping under $12 billion. Although, the daily trading volume for ADA has surged by 68% the weekly losses have extended to over 13.3%.
Despite the successful launch of the Chang Fork, Cardano’s ADA price has fallen. The decline may be attributed to broader market conditions, profit-taking, increased competition, and regulatory concerns. Although the fork represents a significant milestone, its effect on ADA’s price may not be immediately evident.
Amid its poor performance recently, Cardano’s ADA has lost the 10th spot to Tron’s TRX in recent weeks.
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Cardano Chang Hardfork Fails to Boost Sentiment as ADA Price Tanks 5%
