The Cardano (ADA) community is buzzing with excitement as the highly anticipated Chang hard fork is on the horizon. With the upcoming upgrade, ADA, the native token of the Cardano ecosystem, has seen a massive surge of over 52% in this key metric. Members of the community-based organization Intersect have been actively sharing detailed updates about the Chang hard fork on X (formerly Twitter), providing valuable insights into the progress of the project.
Intersect recently unveiled important dates for the Chang hard fork launch, indicating that preparations are in their final stages. A meeting of the Chang hard fork group was held to review the project’s milestones and gather feedback from the Cardano community. The proposed target date for “the Chang #1 hard fork” is set for Tuesday, August 27, pending final approval on Friday, August 23. This decision is based on the readiness of key components, which have been steadily progressing in recent weeks.
Preparations and Readiness
Intersect has confirmed that the key components and tools necessary for the upgrade, including Stake Pool Operator (SPO) readiness, exchange liquidity, and DApps updates, are all in place and have exceeded expectations. The formal process for initiating the hard fork will begin with a lead time of four days to ensure all governance actions and approvals are completed. In the event of a date change, the next suitable window for the upgrade is set for September 3, 2024.
Trading Volume Surge for ADA
On August 21, Cardano’s native token, ADA, experienced a significant increase in trading volume, jumping over 54% according to Coinglass. This surge in volume could be signaling a shift in Cardano’s price dynamics, potentially bringing an end to its period of consolidation. The cryptocurrency’s current trading volume stands at approximately $428.88 million, with open interest also seeing a moderate uptick of 4.66%.
The combination of the upcoming Chang upgrade and the favorable changes in ADA’s metrics are likely contributing to the recent price spike seen in the cryptocurrency. With increasing trading activity and interest from investors, Cardano is poised for potential growth in the coming days. Despite previous stagnation, the surge in trading volume and positive metrics paint a promising picture for ADA’s future trajectory.
The Cardano community eagerly awaits the Chang hard fork and the potential impact it will have on the ecosystem. With key dates set and preparations well underway, all eyes are on August 27 for the anticipated upgrade. The surge in trading volume and positive changes in ADA’s metrics hint at a promising future for the cryptocurrency, signaling an exciting period of growth and development ahead.