The Cardano (ADA) community is abuzz with excitement as the highly anticipated Chang hard fork approaches. Intersect, a member-based organization for the Cardano ecosystem, recently provided comprehensive details and updates regarding the upcoming upgrade. The organization revealed that preparations for the Chang hard fork are nearing completion, with a target date set for Tuesday, August 27. However, a final decision on the launch date will be made on Friday, August 23 after assessing the readiness of key metrics.
Intersect disclosed that the Chang hard fork group has reviewed the project’s desired thresholds and received valuable feedback from the Cardano community. The team has confirmed that the key components and tooling for the upgrade, including Stake Pool Operators (SPO), exchange liquidity, and updates from Decentralized Applications (DApps), are all set and have exceeded expectations. The formal process for initiating the hard fork will involve a four-day lead time to conclude all necessary governance actions and approvals.
On August 21, Cardano’s native token, ADA, experienced an unprecedented rise in overall trading volume, jumping over 54%. This surge in trading activity and interest from investors could signal a shift in Cardano’s price dynamics. Despite ADA’s previous volume increase, the current trading volume is up by 36.21% at around $428.88 million. ADA’s open interest is also showing a slight upward momentum, increasing by 4.66%.
The positive changes in Cardano’s metrics, coupled with the upcoming Chang upgrade, may be contributing to the recent price increase of ADA in the last 24 hours. The cryptocurrency, which has been in a consolidation phase for months, is now showing signs of potential price growth. The surge in trading volume and open interest could be indicative of renewed interest and confidence in ADA among investors.
As Cardano’s Chang hard fork draws near, the community eagerly awaits the potential impact on ADA’s price. The progress made in preparations for the upgrade, along with the significant surge in trading volume, suggests that ADA’s price dynamics may be on the brink of a significant shift. With the Chang hard fork set to launch on August 27, all eyes are on Cardano to see how these developments will influence the cryptocurrency’s future performance in the market.
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