Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric
August 22 2024 - 4:30PM
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The excitement continues to build within the Cardano (ADA)
community as the highly anticipated Chang hard fork gets ready to
launch. Ahead of the upcoming upgrade, ADA, the native token of the
Cardano ecosystem, has exploded by over 52% in this key
metric. Cardano Releases Date For Chang Upgrade Intersect, a
member-based organization for the Cardano ecosystem, took to X
(formerly Twitter) on August 20 to provide comprehensive
details and updates on the Chang hard fork. The organization
has unveiled key dates for the Chang upgrade launch, highlighting
that the majority of preparations are already finalized. Related
Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH
Above $5,000? According to Intersect, the Chang hard fork group
held a meeting recently to review and discuss the progress of the
project’s desired thresholds and to gather valuable feedback from
the Cardano community. With most of the preparations complete, they
have proposed the first set of dates for the hard fork on the
production mainnet. The target date for “the Chang #1 hard
fork” is set for Tuesday, August 27. However, a final decision on
whether or not to proceed with this date will be made on Friday,
August 23. The official date has been decided based on the
readiness of certain key metrics, which have shown steady progress
over the past weeks. Intersect disclosed that the Chang hard
fork group has verified and confirmed that the key components and
tooling for the upgrade are set. This includes readiness of the
Stake Pool Operator (SPO), exchange liquidity, and updates from
Decentralized Applications (DApps). The team has affirmed that all
components have exceeded expectations. Furthermore, intersect
noted that the formal process for initiating the hard fork will
begin with a four-day lead time to conclude all necessary
governance actions and approvals. In the case of a change of dates,
the Chang hard fork team has revealed that the next appropriate
window for the upgrade would be on September 3, 2024.
However, for now, all current indications suggest that August 27 is
the most viable date for the Chang hard fork launch. In
preparation, pre-production will be a hard fork on August 22.
ADA Surges Over 52% In A Key Metric On August 21, Cardano’s
native token, ADA, witnessed an unprecedented rise in overall
trading volume. Coinglass reports that the cryptocurrency jumped
over 54% at the time, underscoring the rising trading activity and
interest from investors. This unexpected volume increase
could be signaling a shift in Cardano’s price dynamics. Over the
past months, the price of ADA has been on a seemingly never ending
consolidation phase. However with its surging volume, the
cryptocurrency may be indicating a potential end to its price
stagnation. Related Reading: Historical Data Suggests Bitcoin
Could Rise 1,000%, Here’s Why Although ADA’s volume rose above 54%
previously, the cryptocurrency’s current trading volume is up by
36.21%, at around $428.88 million, according to Coinglass. ADA’s
open interest is also witnessing a slight upward momentum,
increasing by 4.66%. Including the upcoming Chang upgrade,
these positive changes in the cryptocurrency’s metrics could be
fueling Cardano’s recent price increase in the last 24 hours.
CoinMarketCap data shows that ADA’s price has jumped 4.74% and is
presently trading at $0.368. Featured image created with
Dall.E, chart from Tradingview.com
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