Cardano (ADA), the native token of the proof-of-stake blockchain network, has clawed its way back into the top 10 cryptocurrencies by market capitalization. This surge comes just days before the highly anticipated Chang hard fork, scheduled for launch on August 27th, 2024.
Over the past 24 hours, ADA has experienced a price increase of over 5%. This strong performance allowed it to surpass Tron (TRX) in market cap, solidifying its position among the leading cryptocurrencies.
The upcoming Chang hard fork has been a major source of excitement within the Cardano community. This significant upgrade is expected to bring several key features to the network, including:
- On-chain governance: This empowers ADA holders to directly participate in shaping the future of the Cardano network by voting on proposals related to protocol changes and future development.
- Enhanced scalability: The hard fork aims to improve the network’s ability to handle a larger volume of transactions, paving the way for wider adoption.
- Increased functionality: Chang is expected to unlock new possibilities for developers building decentralized applications (dApps) on Cardano.
The road to Chang wasn’t without its hurdles. In late July, the network released Node 9.1, a crucial update for validators to prepare for the hard fork. However, it took several weeks to achieve the necessary level of adoption, with at least 70% of stake pool operators (SPOs) needing to upgrade their nodes. Thankfully, recent reports from Cardano developer Input Output Hong Kong (IOHK) indicate that dApps and cryptocurrency exchanges are also prepared for the upcoming transition.
The anticipation surrounding Chang has undoubtedly contributed to the recent bullish trend in ADA’s price. However, it’s important to note that the cryptocurrency is still significantly lower than its all-time high of $3.09, reached in September 2021. Currently, ADA sits at a price point roughly 88% below that peak. The Alonzo hard fork, which introduced smart contracts to the Cardano network, also witnessed a price surge, but the long-term trajectory of ADA post-Chang remains to be seen.
Despite the price volatility, Cardano continues to gain traction within the crypto space. The success of the Chang hard fork will be a critical milestone for the network, potentially solidifying its position as a viable platform for decentralized applications and fostering long-term growth for the ADA token. Investors and enthusiasts alike will be closely monitoring the upcoming upgrade and its impact on the Cardano ecosystem.