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Cardano’s latest upgrade, slated for September 1, will introduce significant changes to its network, particularly its on-chain governance mechanisms. The upgrade, named “Chang hard fork,” will allow users to participate directly in decision-making processes.
The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…
The Chang hard fork update reflects the network’s aim to improve the smart contract functionality feature added in 2021.
Cardano seeks to build the most secure and decentralized governance models in the blockchain space, offering users a direct role in shaping the platform’s future. As such, the latest upgrade will allow ADA holders to vote on key network decisions through on-chain mechanisms. This includes deploying Delegate Representative (DReps) to represent community interests.
Rami from the Cardano community mentioned that the previous network upgrade triggered ADA price increases. He added that the hard fork is expected to boost smart contract efficiency through Plutus v3.
In the previous four hard fork events in Cardano's history, the price of ada has increased significantly against the rest of the market. In the graph below, we look at the price change in the 60 days leading up to each event.
— Rami (@CardanoRami) April 7, 2024
This year's Chang hard fork will bring increased… pic.twitter.com/WxLdY1Kllb
Intersect’s marketing and communications director, Jack Briggs, highlighted the community’s eagerness for the upgrade. Briggs also pointed to regular updates and the team’s dedication to ensuring readiness.
Unlike Polkadot and Solana, Cardano’s governance model centers on community involvement. Polkadot focuses on funding proposals through its Treasury, while Solana relies on a centralized foundation. In contrast, Cardano’s Project Catalyst operates entirely on-chain, covering a broader range of governance decisions.
The hard fork upgrade is expected to enhance security and scalability, making the platform more attractive to developers. These changes may also lead to increased development of dApps and other projects, further expanding Cardano’s ecosystem. As of writing, ADA is trading at $ 0.3589 during press time, representing a 1% intraday dip.
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