Charles Hoskinson, the founder of Cardano, has recently shared pivotal information regarding the upcoming developmental and governance stages of the Cardano network, including insights into the much-anticipated Chang hard fork. As these plans unfold, ADA, the native token of the Cardano ecosystem, has witnessed a notable increase in a new metric, signaling a rise in investor interest and confidence.
Upcoming Developments In The Cardano Network
In a recent YouTube video, Hoskinson disclosed that the Cardano network is currently in a crucial phase he termed the “90-day bootstrap phase.” During this period, essential elements of the network’s governance structure will be incrementally activated. He provided an in-depth update on the Chang hard fork roadmap, outlining the network’s progression through the interim and bootstrap phases, ultimately transitioning into the age of Voltaire.
Hoskinson emphasized the significance of the bootstrap phase, highlighting its role in registering Delegated Representatives (DReps) and forming the interim Constitutional Committee. Following this phase, Cardano will introduce the “Chang +1 upgrade,” marking the network’s transition to fully decentralized governance.
The Cardano network’s governance will be based on a tripartite structure involving DReps, the Constitutional Committee, and Stake Pool Operators (SPOs). This transition is projected to occur around December 2024, contingent upon the completion of the 90-day timeline for the Chang +1 upgrade.
Concurrently, Cardano will enter its final phase of full decentralization, introducing node Genesis and substantial network enhancements. Hoskinson revealed that during this phase, Cardano will draft its first formal constitution, an initiative already in progress with over 50 workshops held globally. These workshops will elect delegates to form a constitutional convention, set to meet in Argentina this December to develop the proposed V1 constitution.
Additionally, Hoskinson noted that Cardano’s treasury, valued at approximately $600 million in ADA, will undergo an annual budgeting process to address various ecosystem needs, including marketing and development. In a significant shift, the network will move towards greater decentralization, with Input Output Global (IOG) ceasing its governance role and DReps becoming obsolete.
These changes are poised to have a profound positive impact on the Cardano network, fostering its new governance structure and marking a historic milestone in its evolution.
ADA Address Activity Hits Historical High
Amidst the ongoing developments in Cardano’s governance and Chang upgrade, market intelligence platform Santiment has reported a significant surge in address activity for ADA, the network’s native token. This increase in activity is often a precursor to a price rebound, particularly when crypto assets have experienced a prolonged decline in value.
Despite the overall decrease in its market share and Bitcoin’s (BTC) price, ADA has shown resilience. At the time of writing, Cardano is trading at $0.328, reflecting a 2.38% increase in the last 24 hours and a 5.12% rise over the past week, according to CoinMarketCap.
As Cardano continues to evolve and implement its strategic plans, the network’s future looks promising, with significant developments on the horizon that are likely to bolster investor confidence and drive further growth.
