- Cardano recently debuted the Node 9.1.0, the last upgrade before the Chang hardfork.
- The blockchain network will soon also debut the Cardano Constitution.
- ADA accumulation is down in the short term but has significantly grown since March.
Cardano is on the cusp of a transformative upgrade with the impending Chang hardfork. While the Cardano (ADA) token is currently down 13.43% over the past week, the community anticipates significant developments that could bolster its position as the tenth-largest cryptocurrency by market capitalization.
The Chang hardfork will transform Cardano into a fully decentralized blockchain following the recent debut of Node 9.0.0 and the election of the interim Constitutional Committee (ICC). Soon, the community members will conduct numerous workshops and eventually form the Cardano Constitution which would result in the blockchain being completely run by the community.
It is important to note that in late July, Cardano creator Charles Hoskinson confirmed that the Node 9.1.0 has also been implemented with 63% of stake pool operators (SPOs) now using the updated version. This Node introduces on-chain decision making features and now, ADA holders will be able to make decisions regarding the chain’s governance.
Additionally, the introduction of the Node was the line event line as per Hoskinson and now, the Chang hardfork will kick off the Voltaire era. Soon, a draft Constitution will be framed which will be enforced by the ICC until the blockchain network turns completely decentralized and the final version of the Constitution is introduced.
At the 2024 Bitcoin Conference, Hoskinson addressed Cardano’s “black sheep” reputation and him being considered for all the issues with the blockchain and the underwhelming performance of the ADA token. He said:
“I guess I’ve lived long enough to get to the stage where apparently I’m the scapegoat for the ills of Cardano. What will you guys talk about after Chang?”
It is quite clear that once all the upgrades are in place, Cardano will turn into a fully decentralized ecosystem and set a standard for other blockchain networks to follow. Eventually, this will be reflected in the price action of the ADA token as well.
In the past 24 hours, ADA is down 0.92% with a 1.05% surge in trading volume which stands at $343 million. The altcoin has retained its position among the top 10 digital assets by market cap as well.
According to the chart provided by TradingView, the accumulation of the token declined amid a broader crypto market meltdown. However, the levels have strongly surged since March and there is a strong possibility of a rally in the near future.
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