Cardano (ADA) Soars 5%: Is Decentralized Governance Finally Here?

Cardano (ADA) is experiencing a surge in excitement as the highly anticipated Cardano node v9.0 goes live, paving the way for a significant governance upgrade. This update marks a critical step towards empowering the Cardano community with direct control over the network’s future.

The launch, announced by Intersect, a key player in the Cardano ecosystem, signifies the culmination of extensive development efforts for on-chain governance. This essentially means that the power to make crucial decisions regarding the network will reside with ADA holders.

Cardano node v9.0 comes equipped with several key features, including support for Plutus v1 reference scripts and Plutus script signature support. These features lay the groundwork for the upcoming Chang Hard Fork, a major upgrade envisioned in Cardano’s roadmap.

Charles Hoskinson, the founder of Cardano, has previously emphasized the transformative nature of the Chang Hard Fork. He has described it as a strategic milestone that will usher in an era of complete community governance for ADA. Intersect echoes this sentiment, highlighting that their efforts have been focused on building the infrastructure necessary for this pivotal upgrade.

The arrival of Cardano node v9.0 signifies that the Chang Hard Fork is imminent. With the initial target for the upgrade set for Q1 2024, it’s likely that Cardano could be just weeks away from this landmark event.

This heightened anticipation surrounding the Chang Hard Fork, coupled with the successful launch of the governance node, has demonstrably impacted ADA’s price. While an initial surge of 5% was observed, the price has settled at a 3% increase over the past 24 hours, currently trading around $0.3751.

The launch of Cardano Node v9.0 signifies a major leap forward for Cardano. By empowering its community through on-chain governance, Cardano is poised to become a truly decentralized and community-driven blockchain network.