The Cardano Network’s latest Chang upgrade went live in the last 24 hours.
ADA, the Cardano token has shown price dips according to CMC data.
The cryptocurrency sector is always evolving for which upgradation is a cornerstone. Web3 development thrives on the constant upscaling of networks and blockchains. Over the weekend, the Cardano ecosystem’s much-awaited Chang Upgrade went live. The upgrade brings new updates and will transform certain key aspects of the network.
Notably, the network announced on its X account that the Chang Hard Fork Upgrade went live after a few delays. According to sources, the upgrade will work to bring governance rights for Cardano token holders and enable decentralized governance within the network.
This allows token holders to elect governance representatives and vote for future developments. While several other Decentralized Autonomous Organizations (DAOs) exist, Cardano’s is an important milestone as it brings token holders onto its own DAO platform.
Additionally, the Chang upgrade initiates a new era in the network – the Conway ledger era, following the Voltaire era. This recent upgrade includes various key features as stated by the Cardano Network’s official statements. These key features include the aforementioned Decentralized governance mechanisms, On-chain voting, and additionally the PlutusV3 ledger language.
Moreover, Cardano’s Chang upgrade is expected to happen in two stages, the first phase which is already live, and the second on-chain decision-making phase. Additionally, the first phase also has introduced an Interim Constitutional Committee.
This Committee will oversee platform governance for the time being, as the upgrade is in progress. Meanwhile, the ADA token’s price has shown declines in the last 24 hours.
Cardano (ADA) Price Overview
The Cardano (ADA) token recorded a 2.73% in daily price declines according to CMC data. In the Asian afternoon hours, ADA traded at a high of $0.3429. After which it slid to current trading levels. At the time of writing, the token was trading at $0.3331.
Zooming out, over the past month, the altcoin has recorded a price dip of 12.93%. While in the month’s beginning the token remained bullish, in the coming days with several leading cryptocurrencies such as Bitcoin and Ethereum showing dips, Cardano also followed suit.
However, if the token begins to factor in its new use cases and the recent network upgrade, it might take bullish turns.
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