As an analyst with a decade of experience in the cryptocurrency market, I find the recent developments surrounding Cardano (ADA) particularly intriguing. The urgency shown by Intersect for DApp projects and exchanges to prepare for the Chang Upgrade #1 underscores the significant role these entities play in shaping the future of this blockchain.
The group responsible for managing the development of the Cardano blockchain, known as Intersect, has asked developers working on decentralized applications (dApps) to expedite their preparations for the Chang Upgrade #1, as they have issued an urgent plea for readiness.
As per a statement by Intersect released on August 17th, which was reported by crypto.news, over 80% of Cardano (ADA) stake pool operators have already transitioned to the most recent validator node, version 9.1.0. Nevertheless, it is essential for cryptocurrency exchanges and decentralized applications operating on this blockchain to also upgrade to node 9.1.0 and report their advancements in the process.
According to the statement from the organization, the upgrading process would largely hinge on exchanges achieving an 85% liquidity level in the newly established node.
As an analyst, I’m excited about the upcoming implementation of the Chang upgrade within the Cardano ecosystem. This significant update, emphasized by Cardano founder Charles Hoskinson, is a crucial milestone on our path towards creating a “decentralized civilization” that can cater to millions of users. Essentially, it paves the way for on-chain governance, which promises to bring about transformative changes within our digital community.
Previously reported by crypto.news, the Chang upgrade signals the arrival of the Voltaire era, a stage that’s anticipated to bring the network one step closer to a completely decentralized structure.
As an analyst, I’ve been closely following the evolution of the blockchain, which has seen several significant upgrade phases, each elegantly named after renowned poets such as Byron, Shelley, Goguen, and Basho. The forthcoming Chang upgrade is a noteworthy development for holders of the ADA token, as it will grant us the opportunity to participate in voting on protocol modifications. Additionally, this update is highly anticipated due to its potential enhancements to smart contracts, particularly with the incorporation of the PlutusV3 cryptographic tool to ensure data security within the network.
To this point, the price of Cardano’s token seems unresponsive to Intersect’s urgings. At present, it’s being traded at around $0.3345, marking a minor increase of 0.8% compared to its value over the past day.
Across 30 days, the current ADA price still reflects a 21% drop — a 24% improvement year to date.
In late July, relief came for ADA as the U.S. Securities and Exchange Commission chose to postpone accusations that ADA functioned as an unregistered security, during its continuous legal dispute with Binance.
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2024-08-18 19:58