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Cardano’s ADA gears up for significant update amid market volatility

GrafaGrafa2024/08/21 08:10
By:Isaac Francis

Cardano (CRYPTO:ADA) has been showing positive momentum, with its price rising by 4% to approximately $0.35, despite the broader cryptocurrency market downturn.

This uptick comes in the wake of an important announcement regarding the upcoming Chang Hard Fork upgrade.

Scheduled to go live on the mainnet on August 27, the Chang Hard Fork represents a major milestone in Cardano’s roadmap, specifically as part of the Voltaire era, which focuses on achieving full decentralisation and establishing a community-driven governance framework.

The Cardano team, led by Charles Hoskinson, has emphasised that this upgrade is crucial for the blockchain’s future, enhancing transparency, security, and community participation.

The final decision to proceed with the upgrade will be made on August 23, with a fallback window set for September 3 if necessary.

The pre-production phase is set to undergo a hard fork on August 22 to ensure smooth deployment.

This development has provided some relief to ADA investors, many of whom have faced significant losses in recent months.

As of now, approximately 22% of ADA holders are in profit, a slight improvement from earlier in the month when nearly all investors were underwater.

The broader crypto market's struggles, including Bitcoin falling below $60,000 and Ethereum dropping under $2,600, have impacted ADA, but the upcoming hard fork appears to have bolstered investor sentiment.

The Chang Hard Fork is more than just a technical upgrade; it represents Cardano’s commitment to becoming a fully decentralised blockchain where the community has greater control over its governance.

This focus on sustainable and distributed governance aligns with the broader goals of the Voltaire era, positioning Cardano as a leader in the decentralised finance space.

As ADA continues to recover, all eyes will be on the success of the Chang Hard Fork and its potential to drive further gains for the token, especially as the cryptocurrency market remains highly volatile.

At press time, Cardano is priced at $0.3575.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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