Cardano, the crypto platform renowned for its scientific and methodical approach, is preparing to take a decisive step with the imminent launch of its Chang Hard Fork update. This update marks the entry into the Voltaire era, the final phase of its ambitious roadmap aimed at creating a fully decentralized blockchain ecosystem. Charles Hoskinson, the visionary behind Cardano, has announced that the network is ready for this transformative upgrade, which is set to propel Cardano into a new era of decentralized governance and community autonomy. As anticipation builds, the crypto community is abuzz with speculation about the potential impact on ADA's value and its long-term prospects.
Cardano Enters the Voltaire Era with the Chang Hard Fork!
Charles Hoskinson announced that the crypto network was ready for the Chang Fork, scheduled for this month. This, once 70% of the Stake Pool Operators (SPO) have installed the new version of the node, Cardano Node 9.0. This upgrade is crucial to propel Cardano into the Voltaire era. An era that promises to bring significant advances in terms of decentralized governance and community autonomy.
The Significance of the Voltaire Era
The Voltaire era will introduce CIP 1694, a proposal allowing ADA holders to vote on topics and features beneficial to the Cardano ecosystem. A second phase will add innovative features like proxy voting and treasury withdrawals. This gives crypto users the ability to propose and fund projects within the Cardano ecosystem.
Empowering the Community
The introduction of CIP 1694 is a monumental step towards empowering the Cardano community. By allowing ADA holders to vote on critical issues, Cardano is fostering a more inclusive and democratic ecosystem. This move is expected to attract more investors who are interested in participating in a decentralized governance model.
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Crypto: An Explosion of ADA After the Update?
Historically, hard forks have often been associated with increased price volatility of the involved cryptocurrencies. They are often perceived as indicators of maturity and growth. For Cardano, increased decentralization and new governance features are likely to make ADA more attractive to long-term investors looking to participate in a robust and scalable blockchain ecosystem. Additionally, the ability of ADA holders to directly influence the future development of the platform could encourage greater adoption and use of the crypto.
Potential Price Surge
While the immediate impact of the Chang Hard Fork on the price of ADA remains uncertain, the strengthened fundamentals and long-term growth prospects of Cardano could very well be the catalyst that ADA needs to take off. Only time will tell if this update will be the turning point for Cardano and its native crypto.
The Future of Cardano: A Deep Dive
Decentralized Governance
The essence of cryptocurrency is a network governance mechanism that is far from traditional corporate management. However, the fate of most ventures in the crypto industry is tied to the words of a few top-level individuals. If Cardano wants to maintain its presence in the long term, it must fulfill the necessary decentralized governance.
The Role of the Cardano Foundation
The Cardano Foundation, supported by Input Output Global and Intersect, launched a new test network called SanchoNet in August. SanchoNet, a test network for governance features, serves one of the network’s ultimate goals: decentralization.
Community Involvement
The community’s say in cryptocurrency projects is preserved through such votes. Decentralization must be sustained by a fair distribution of supply, as large wallet influences in such votes contradict the spirit of cryptocurrency. We have seen this in many DeFi initiatives. Cardano has not performed as expected to date, but the so-called Cardano Ballot or Improvement Proposal-1694 could change the situation.
The Impact of CIP 1694
The Cardano community’s vote will end on December 11, and ADA staking community members will declare their intentions in the non-binding proposal. The question that voters need to answer is whether Cardano should continue working on the minimum viable on-chain governance.
Long-Term Prospects
If the last vote, seen as a declaration of intent, overwhelmingly approves this goal, we might see ADA Coin’s price positively diverging during the process. The US government has declared that so-called decentralized structures are actually managed by a few actors and that they will be targeted. Many protocols and blockchains are exploring ways to transition to full decentralization for this very reason. Most recently, DYDX took concrete steps in this direction and saw its price significantly increase.
Cardano’s Development Commitments Amid Market Challenges
Surge in Development Activity
Cardano (ADA) has recently outpaced major cryptocurrencies like Ethereum, Polkadot, and Binance Coin (BNB) in development activity, as indicated by an increase in code commits. These commits are crucial for showcasing ongoing efforts to enhance the Cardano network and position ADA as a leader in crypto development.
Challenges in the DeFi Sector
In the decentralized finance (DeFi) sector, Cardano faces challenges with a decrease in total value locked (TVL) and decentralized exchange (DEX) volumes. This slowdown may impact future prospects for ADA, necessitating a strategic approach to address these difficulties.
Stability in the NFT Sector
Conversely, Cardano’s non-fungible token (NFT) sector has demonstrated more stability. Transaction volumes for Cardano NFTs remained consistent over the past month, with dominant collections like OMEN and Ape Society playing a significant role in the market.
Price Dynamics
ADA’s price dynamics reveal a bearish trend with multiple lower highs and lower lows over the past month, and a decrease in trading velocity suggests a decline in trading activity. These trends advise caution for ADA investors as market dynamics continue to evolve, while the increased development activity signals Cardano’s commitment to innovation and progress.
Cardano (ADA) Up 17%, Here's Why It Is Ready for the Next Rally
Current Market Performance
Cardano (ADA) has maintained a positive outlook on the market today, defying gravity as the combined crypto market lost its grip with a 0.3% drop to $1.32 trillion. At the time of writing, Cardano is priced at $0.3435 on spot exchanges, up 2.56% in the past 24 hours and by 17.05% over the past week.
Trading Volume and Capital Injection
Besides the visible drop to $0.288 on Nov. 1, Cardano has been on a major uptrend for the past month, effectively paring off the losses it printed in some of its key metrics — particularly, its profitability level. With the current outlook, Cardano appears ready for its leg up, a push bolstered by its impressively high trading volume. Per data from CoinMarketCap, the ADA 24-hour volume is up 56.48%, with exactly $323,300,309 traded thus far. With a growing injection of capital into ADA, the propensity for its next surge is high.
Whale Accumulations
Cardano's growth has been a confluence of actions from both retail and whale buyers across the board. As reported, these whale accumulations were consistent for the past quarter, placing ADA in line with Bitcoin (BTC) and Ethereum (ETH).
Ecosystem Growth
While Cardano is
