Exciting News for Cardano Holders! 🚀
Good news for you as a Cardano holder! This year, the Layer-1 blockchain Cardano, led by Charles Hoskinson, has successfully completed the highly anticipated Chang hard fork. This milestone signals the beginning of the final phase of the project’s development known as the Voltaire era. This era is focused on decentralized governance, bringing significant changes and opportunities for ADA holders.
The Era of Decentralized Governance 🗳️
According to Cardano Docs, the Chang upgrade will activate the blockchain’s improvement proposal-1694, enabling ADA holders to participate in voting processes independently or delegate their voting power to trusted representatives. This upgrade will be implemented in two stages, each playing a crucial role in shaping the governance structure:
- The first stage, which will occur over the next 90 days, will introduce initial governance features managed by an interim committee. During this phase, DReps can register, and token holders can delegate their voting power.
- The second stage, starting immediately after the first, will empower the Cardano community to vote on governance actions, involving entities such as DReps, SPOs, and the interim constitutional committee.
“The goal of the first stage is to ensure security and continuity during the governance bootstrapping phase, allowing DReps to register and campaign for delegation, while developing and ratifying a final constitution by early 2025,” the Cardano Foundation explained.
Market Response 💹
Despite the successful upgrade, ADA’s market performance was not as expected, with a slight dip of over 4%, leading to a price of $0.3297 per token. This decline caused ADA to drop out of the top 10 cryptocurrencies by market capitalization, trailing behind TRON and TRX. However, there are indications that ADA could experience a significant rally once the overall crypto market picks up momentum, presenting potential opportunities for holders.
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