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Cryptocurrency News Articles
Cardano's Chang Hard Fork Unveils Major Upgrade by Integrating CIP-69
May 10, 2024 at 01:08 pm
In a significant update, Charles Hoskinson, founder of Cardano, announced the inclusion of CIP-69 in the upcoming Chang hard fork, driven by community demand. The implementation of CIP-69 will necessitate a revision of the roadmap and ratification process, prompting ongoing discussions and community involvement. Despite the expected delay in the scheduled fork date, the news has led to a surge in Cardano (ADA) trading activity, with a 90% increase in volume within 24 hours.
Cardano's Chang Hard Fork Unveils Major Update with CIP-69 Integration
Chang Hard Fork to Bring Decisive Transformation to Cardano's Governance Model
Zurich, Switzerland – Cardano founder Charles Hoskinson has announced a substantial change for the upcoming Chang hard fork, scheduled for the second quarter of 2024. The introduction of CIP-69, a community-driven proposal, marks a pivotal moment in Cardano's roadmap, ushering in the "Voltaire" era of decentralized governance.
CIP-69: Empowering the Community
CIP-69, which proposes enhancements to Cardano's governance mechanisms, has garnered significant support from the community. Hoskinson's decision to integrate CIP-69 into the Chang hard fork signifies the project's commitment to empowering its user base.
With the implementation of CIP-69, the Cardano community will gain greater influence over the development and funding of projects. This shift towards decentralized governance strengthens Cardano's democratic principles and ensures that the community's voice is heard in shaping the project's future.
CIP-69's Impact on the Chang Hard Fork Timeline
Hoskinson acknowledged that the sudden introduction of CIP-69 may result in a delay in the Chang hard fork's target date of June 30, 2024. However, he emphasized that the long-term benefits of integrating CIP-69 outweigh the potential delay.
The Cardano community is actively involved in the process of re-evaluating the roadmap and ratification processes to accommodate CIP-69's inclusion. Multiple working groups are engaged in discussions to ensure that diverse perspectives are considered.
Surge in ADA Trading Volume
News of CIP-69's integration has sparked a surge in Cardano (ADA) trading activity. Within 24 hours, trading volume increased by over 90%, with approximately $500 million worth of ADA traded. This unexpected surge is a testament to the community's enthusiasm for the upcoming changes.
ADA's Market Performance
Despite the significant increase in trading volume, ADA's trade price has remained relatively stable, showing only a modest 1% rise over the past 24 hours. Analysts attribute this to the market's cautious approach towards short-term rallies.
However, the sudden increase in trading volume suggests growing optimism for Cardano's long-term prospects. The integration of CIP-69 and the transition to Voltaire-era governance are seen as positive developments that could boost ADA's value in the long run.
Conclusion
Cardano's Chang hard fork promises to be a transformative event, bringing forth the Voltaire era of decentralized governance. The integration of CIP-69 empowers the community and aligns with the project's core principles of transparency, accountability, and self-sustainability. While the potential delay in the hard fork timeline is acknowledged, the community's unwavering support and engagement demonstrate the long-term commitment to Cardano's success.
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