On Sept. 1, 2024, Cardano's Chang hard fork marked a pivotal upgrade for the blockchain, transitioning governance from centralized entities to a community-driven model. This change allows ADA token holders to propose and vote on network modifications, aiming to boost community engagement and enhance network security.
Following the hard fork, Charles Hoskinson, the founder of Cardano, addressed future plans for the blockchain. This response, however, was met with skepticism from some ADA critics.
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One critic questioned the value of the "new hard fork's so-called pre-mined air token," as he called ADA, with accusations of mismanagement and financial misconduct, including an inquiry into Hoskinson's luxury car purchase.
"Air token"
The essence of these accusations, as it turns out, is that allegedly Hoskinson and other executives at Cardano allocated themselves a bunch of tokens, bypassing the market, and now feast on this money, including buying themselves Lamborghinis.
What the hell is an air token?
— Charles Hoskinson (@IOHK_Charles) September 2, 2024
In the aftermath of the hard fork, ADA's performance has been under scrutiny. The token experienced a decline of 2.64% immediately after the upgrade, with its price falling below the critical $0.35 level. This drop has raised concerns about the potential for ADA to face strong resistance in future price movements.
ADA to USD by CoinMarketCap
Looking ahead, Hoskinson has outlined the next steps for Cardano (ADA). These include establishing a comprehensive Cardano government with top-level representatives, a constitutional committee and special representatives.
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Additionally, ADA stakers are set to gain control over a $700 million treasury as part of the decentralization effort. The focus on budget management and governance is expected to be central to Cardano's development in the coming months.
