According to U.Today, Cardano is preparing for the Chang hard fork, an upgrade expected to take place by the end of July. This development has generated significant interest within the cryptocurrency community, particularly due to the notable price rally that followed Cardano's previous hard fork in 2021. The Chang hard fork signifies a transformative step into the Voltaire era for Cardano, marking the final stage of its roadmap to establish a fully decentralized blockchain ecosystem. Once the transition is complete, Cardano will no longer be actively managed by Cardano development firm Input Output Global (IOG) but will be entirely operated by community members.
Earlier this week, the Cardano Foundation launched a tracking page in partnership with Cardanoscan to monitor the readiness for one of Cardano's major upgrades in history. The Chang hard fork's significance lies in its role in bootstrapping the Cardano governance model, introducing minimum-viable community-run governance.
As Cardano gears up for the Chang hard fork, historical performance suggests a potential for a significant rally in ADA's price. According to IntoTheBlock, Cardano's native cryptocurrency, ADA, experienced a significant spike in the run-up to its last major upgrade in 2021. Within a month, ADA's price increased by 130%, from $1.35 to $3.10. This historical performance has raised expectations that the upcoming Chang hard fork could similarly trigger a significant price rally for ADA.
The cryptocurrency community will be closely monitoring the situation as July progresses, keen to see how the Chang hard fork will impact the ADA price. The historical precedent has left the market wondering if the Chang hard fork will catalyze a similar rally. The answer to this question remains to be seen. At the time of writing, ADA was down 0.6% in the last 24 hours to $0.356, according to CoinMarketCap data.