Cardano, a cryptocurrency ecosystem, witnessed significant growth in August, particularly in anticipation of the Chang upgrade that was completed successfully on September 1. Despite a downtrend in ADA’s price, the Cardano Foundation reported increased investor activity and blockchain usage. It was highlighted that smart contract transactions surged by 31%, metadata transactions grew by 20%, but simple transactions faced a decline of 49%. In total, Cardano recorded 95.9 million transactions in August, marking a slight 1.51% increase. The number of wallets created on the blockchain also saw positive movement, rising by 0.67% to reach 4.87 million.
Charles Hoskinson, the founder of Cardano, shared insights into the network’s upcoming developmental and governance phases post Chang hard fork. Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” activating key governance components. The roadmap for the Chang hard fork outlined the transition to the age of Voltaire for achieving full decentralization. Initiatives such as the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee will take place during this phase. Plans for the “Chang +1 upgrade” were also announced, aiming for fully decentralized governance by December 2024. Additionally, Cardano is in the process of drafting its first formal constitution with over 50 workshops held globally to engage stakeholders.
Hoskinson emphasized a significant shift towards decentralization, implying that IOG will eventually relinquish its governance role, and DReps will no longer be necessary. Cardano’s treasury, valued at approximately $600 million in ADA, will undergo an annual budgeting process to address ecosystem needs. This includes marketing and development initiatives. Market intelligence platform Santiment noted a surge in address activity for ADA, indicating a potential rebound during price declines. Currently, ADA has witnessed a nearly 3% increase in the past week, trading at around $0.344, with a recent 2% rise in the last 24 hours, despite reflecting a monthly loss of nearly 1%.
Cardano’s growth and development signify a promising future for the ecosystem, with a focus on decentralization, governance reforms, and community engagement. The successful implementation of the Chang upgrade and the upcoming Chang +1 upgrade set the stage for a fully decentralized governance model by December 2024. The increased investor activity and blockchain usage showcase a growing interest in Cardano’s potential. As the network continues to evolve, it will be interesting to see how these developments shape the future of Cardano in the cryptocurrency landscape.
Leave a Reply