Cardano Rises 8% As Hoskinson Reveals Launch Date For Highly Anticipated Chang Fork
August 21 2024 - 11:00PM
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Cardano (ADA) has seen a strong rally over the past week, up nearly
15% amid a broader recovery in the cryptocurrency market. The price
spike also comes on the heels of Wednesday’s announcement of the
final launch date for the blockchain’s much-anticipated Chang hard
fork upgrade. The Chang hard fork, described as a significant
evolution for the Cardano network, is set to establish a minimum
viable on-chain governance system as outlined in CIP-1694. This
upgrade will be rolled out in two stages, with the first
introducing core governance features to the blockchain. Intersect
Unveils Timeline For Chang Hard Fork As earlier reported by
Bitcoinist, the Cardano ecosystem’s key member-based organization,
Intersect, has announced that the Chang hard fork working group has
reviewed the progress and community feedback, paving the way for
the formal proposal of the upgrade’s launch timeline. Related
Reading: Solana-Based Memecoin Rug Pulled By McDonald’s Hacker,
Market Cap Plummets 98% The target date for the mainnet hard fork
is set for Tuesday, August 27th, with a final decision scheduled
for early Friday, August 23rd. This four-day lead time will allow
for the necessary governance actions and sign-off on the hard fork.
Cardano founder Charles Hoskinson expressed his anticipation for
the upcoming upgrade, stating, “Are you prepared for Chang? Rocket
is on the pad. Governance is coming.” Cardano Prepares For
Governance Evolution To align with the Chang hard fork, Input
Output Global (IOG), the developer company behind the Cardano
blockchain, has released a mandatory update to the Daedalus wallet,
version 6.0.0. This update is essential for users to operate in the
“Conway era” following the hard fork. The first stage of the Chang
upgrade, dubbed Chang Upgrade #1, will introduce core governance
features to the Cardano blockchain, marking the beginning of the
“technical bootstrapping phase” as per CIP-1694. The second
stage, Chang Upgrade #2, will further expand these governance
implementations, effectively transitioning out of the bootstrapping
phase and activating the comprehensive features outlined in
CIP-1694. Related Reading: Is A Bitcoin (BTC) Negative Correlation
With Stocks A Bullish Signal? Analyst Reveals At the time of
writing, ADA has risen 8% in the last 24 hours to a current trading
price of $0.3701, just below its 200-day exponential moving average
(EMA) at $0.3779, one of ADA’s near-term resistance walls
preventing the price from moving higher. A break above this key
indicator will be crucial to regain the $0.400 level for the ADA
price, a zone not seen since last month prior to the broader market
crash on August 5th. Conversely, at $0.3505 is the token’s
50-day EMA, which currently acts as the strongest support for the
ADA price on the daily ADA/USDT chart, preventing another retest of
the $0.3110 level. Featured image from DALL-E, chart from
TradingView.com
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