Excitement is surging within the Cardano (ADA) community as the much-anticipated Chang hard fork nears its launch. In the lead-up to this significant upgrade, ADA, the native token of the Cardano ecosystem, has seen a remarkable increase of over 52% in trading volume.
On August 20, Intersect, a key organization within the Cardano ecosystem, took to X (formerly known as Twitter) to provide detailed updates on the Chang hard fork. The organization has revealed that the majority of preparations are complete and disclosed key dates for the launch. The Chang hard fork group recently convened to review the project’s progress and gather feedback from the Cardano community. With most preparations finalized, they have proposed an initial target date of Tuesday, August 27, for the hard fork on the production mainnet. However, a final decision on this date will be made on Friday, August 23, based on the readiness of specific key metrics that have shown steady progress in recent weeks.
Intersect confirmed that the Chang hard fork group has verified the readiness of components critical for the upgrade, such as the Stake Pool Operators (SPOs), exchange liquidity, and updates from Decentralized Applications (DApps). All components are reportedly exceeding expectations.
The formal process to initiate the hard fork will begin with a four-day lead time to conclude necessary governance actions and approvals. If there is a change in dates, the next available window for the upgrade would be September 3, 2024. However, all indicators currently point to August 27 as the most viable date for the launch. In preparation, a pre-production hard fork is scheduled for August 22.
On August 21, Cardano’s native token, ADA, experienced an unprecedented surge in trading volume, rising over 54% according to Coinglass. This increase in trading activity highlights growing investor interest and may indicate a shift in ADA’s price dynamics. For months, ADA’s price has been in a prolonged consolidation phase, but the recent surge in volume could signal an end to this stagnation.
ADA’s trading volume, while previously up by over 54%, currently stands at a 36.21% increase, approximately $428.88 million according to Coinglass. Open interest in ADA has also seen a slight rise, up by 4.66%. Coupled with the upcoming Chang upgrade, these positive changes in cryptocurrency metrics could be contributing to ADA’s recent price increase. CoinMarketCap data indicates that ADA’s price has risen by 4.74% over the last 24 hours and is presently trading at $0.368. Despite this increase, ADA’s price remains below the $0.4 mark.
The Cardano community remains on edge as they await the final confirmation of the Chang hard fork date, which promises to bring significant advancements to the ecosystem and possibly drive further increases in ADA’s market performance.
