- Cardano (ADA), the 10th largest cryptocurrency by market cap, has seen a remarkable 20% increase over the past week, outpacing other major cryptocurrencies.
- The upcoming Chang hard fork is creating waves as it promises to enhance governance functionalities, making the process smoother for new roles within the system.
- “The release of Cardano node v9.0 is a monumental step,” stated a key developer, underscoring the project’s readiness to advance to the next phase of decentralized governance.
Cardano (ADA) surges 20% as the market anticipates the Chang hard fork, promising new governance functionalities and a robust price performance.
Cardano Reaches Significant Milestone with Node v9.0 Release
This week, Cardano hit a significant milestone by releasing node v9.0, which marks the end of primary development for on-chain governance’s bootstrap phase. The new version introduces support for Plutus v1 reference scripts and the eagerly awaited Plutus script signature support via CIP-69. These features are crucial for realizing the decentralized governance envisioned in CIP-1694.
Governance Capabilities to Enhance Post-Chang Hard Fork
The Chang hard fork is set to stagger the release of governance functionality, easing the adoption and onboarding process for individuals assuming new or additional governance roles. The rollout of these functionalities aims to fortify the platform’s decentralized nature and bolster community-driven governance.
Historical Performance and Market Sentiment Drive ADA Price Surge
The anticipation surrounding the Chang upgrade has ignited excitement within the Cardano community, evidenced by a 5.65% increase in ADA’s price over the last 24 hours, reaching $0.4227. Historically, Cardano has experienced positive price movements ahead of major upgrades, a trend that appears to be continuing. For instance, ADA surged from $1.35 to $3.10, a 130% rise, in just a month before its previous hard fork in 2021.
Broader Crypto Market Recovery Fuels ADA’s Ascent
The broader cryptocurrency market recovery is also contributing to ADA’s price rally. Alongside its gains against the USD, ADA has shown strong performance against Bitcoin, marking its fourth consecutive day of gains. On-chain analytics indicate that the current market sentiment and the anticipation of the Chang hard fork are key drivers of this momentum.
Conclusion
Cardano’s recent achievements and the upcoming Chang hard fork underscore its commitment to advancing decentralized governance. As ADA continues its upward trajectory, propelled by both historical performance trends and market optimism, stakeholders are keenly observing whether the cryptocurrency can sustain its current momentum.
