The Cardano (ADA) community is buzzing with excitement as the highly anticipated Chang hard fork is on the verge of launching. Recently, ADA, the native token of the Cardano ecosystem, has seen a remarkable surge of over 52% in key metrics, leaving investors eagerly awaiting the upcoming upgrade.
Intersect, a member-based organization dedicated to the Cardano ecosystem, recently took to social media to provide a comprehensive overview of the Chang hard fork. They revealed key dates for the upcoming upgrade, emphasizing that most of the necessary preparations have been completed. The Chang hard fork group conducted a meeting to assess the project’s progress and gather feedback from the Cardano community, ultimately proposing the initial launch date for the hard fork on the production mainnet.
Proposed Launch Date
The targeted date for the Chang #1 hard fork is set for Tuesday, August 27, with a final decision pending on Friday, August 23. This decision will be based on the readiness of essential metrics that have shown consistent progress in recent weeks. The Chang hard fork group has confirmed that key components and tooling for the upgrade, including Stake Pool Operator (SPO) readiness, exchange liquidity, and DApp updates, are all in place and have exceeded expectations.
Formal Process for the Hard Fork
Intersect has outlined a formal process for initiating the hard fork, including a four-day lead time to conclude all necessary governance actions and approvals. In the event of a date change, the next potential window for the upgrade is September 3, 2024. However, current indicators suggest that August 27 remains the most feasible date for the Chang hard fork launch. Preparations will include a hard fork on August 22 as a part of the pre-production phase.
Rise in Trading Volume and Price Movement
On August 21, ADA experienced a significant surge in trading volume, jumping over 54% at the time. This spike in volume highlights increasing trading activity and investor interest in the cryptocurrency. The rise in trading volume may indicate a shift in Cardano’s price dynamics, potentially signaling an end to its consolidation phase.
Despite ADA’s trading volume increase of 54%, current trading volume stands at around $428.88 million, up by 36.21% according to Coinglass. Open interest has also seen a slight uptick of 4.66%. These positive metrics, combined with the upcoming Chang hard fork, are likely contributing to Cardano’s recent price surge in the last 24 hours.
The Cardano community is eagerly anticipating the Chang hard fork launch, which promises to bring significant upgrades to the ecosystem. With key metrics surpassing expectations and positive indicators in trading volume and price movement, Cardano’s future looks promising as it continues to evolve and grow in the cryptocurrency space.