As Cardano prepares for the Chang hard fork, scheduled for August 27, the crypto community is buzzing with excitement and anticipation. The upgrade takes Cardano into the “Voltaire era,” marking a major step toward fully decentralized community governance.
Charles Hoskinson, co-founder of Cardano, highlighted the transformative potential of the upgrade. It introduces voting mechanisms, allowing the community to directly influence the future direction of the network.
Cardano Competes With Tron For The Title Of 10th Largest Cryptocurrency
Named after Phil Chang, a prominent figure in Cardano’s early governance, the Chang hard fork will enable expanded participation mechanisms. These include voting delegation and withdrawals from the public treasury, which will energize the ecosystem and encourage innovation.
“Are you ready for Chang? The rocket is on the launch pad. Control is in progress,” Hoskinson announced.
Cardano (ADA) is currently neck and neck with Tron (TRX) and is trying to regain its place in the top 10 cryptocurrencies by market cap.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
This competition intensified after Cardano briefly fell out of the top 10 on August 20, 2024. The decline came amid a sharp rise in Tron’s value, fueled by the launch of its new meme-making platform SunPump.
However, the hype around Tron has begun to wane, as evidenced by a 6% price drop. In contrast, Cardano has shown a 4% increase, bringing its market cap to $13.16 billion, which is very close to Tron’s $13.40 billion.
Observers noted that ADA briefly eclipsed TRX in market cap earlier today. However, it has been unable to maintain its lead. The gap between the two, at roughly $250 million, suggests that Cardano could soon close the gap, especially given the momentum building toward a hard fork.
Preparations for the Chang hard fork are moving forward, with over 14 crypto exchanges, including Coinbase, ready for the upgrade. Others, like Binance, are close to being ready. However, 23 exchanges have yet to begin preparations.
The network transition depends on 70% of the participating pool operators upgrading their nodes to version 9.0, which is a critical step for the fork to proceed.
However, Cardano continues to face criticism for the slow growth of ADA. The token has fallen almost 38% since the beginning of the year, which is well below its all-time highs. However, Cardano supporters remain optimistic.
“Last time everyone said Cardano was dead and ADA did 100x growth. Stay strong, third largest community in crypto, with great tech and momentum that has been building for years,” said a Cardano-focused content creator, “big pay.”
Read more: Who is Charles Hoskinson, the founder of Cardano?
With the final decision on the mainnet hard fork set for tomorrow, August 23, the Cardano community is ready to enter a new chapter. This chapter promises technological advancement and a stronger democratic ethic in the Cardano ecosystem.
