- ADA is trading almost 90% lower than its September 2021 record high.
- Over 74% of the blocks were created using a Chang ready node version.
Cardano’s [ADA] The ongoing Chang Hard Fork is a positive development for the evolution of blockchain towards decentralized governance.
The Chang upgrade, however, has had little impact on ADA’s pricing.
Chang upgrade approaching
Cardano had informed in earlier communications that the Chang Hard Fork would take place in two phases: Chang #1 and Chang # 2, each with specific governance components.
Last month the first phase was started, laying the groundwork for a decentralized government for ADA owners.
For Chang 1, the critical thresholds are the upgrade of 70% of stake pool operators and the attainment of 85% exchange liquidity in the Chang mainnet Candidate.
Cardano’s stake pool has reached the minimum threshold for SPOs that have Node 9.1.0 installed.
Explore the latest Explorer data shows that 74.02% of all blocks in the last 8 hours were minted by SPOs on v9.1.0 – the mainnet candidate for the hard fork.
Exchange liquidity readiness At the time of publication, lagged was at 20,16%. WhiteBIT Bitfinex BitMart and BitMart among six other exchanges are all ready to accept the Chang hard-fork.
Sixteen other companies were also working on ensuring their systems are compatible with the latest version of nodes to allow for post-upgrade operations and transactions.
A second phase in the implementation of final governance elements is anticipated to be completed later this year. However, no timeline for that has been announced.
Growing ecosystems through network activity
Santiment, a blockchain analytics company, announced its latest findings last week. reported Cardano has ranked third among notable developments in 30 days, up to the 5th August.
A slowdown of new users has reflected a barely noticeable rise in Cardano activity.
AMBCrypto takes a look at IntoTheBlock data The number of Cardano address with an active ADA has remained relatively constant at 4,45 million over the past year.
Source: IntoTheBlock
The network’s active users and transaction counts have remained relatively stable over the past three months.
IntoTheBlock noted Cardano’s daily on-chain settlement of $7.2 billion, which translates to a ratio Network Value to Transactions(NVT) of only 2.62.
This low ratio of NVT indicated that ADA usage was not valued in comparison to the value it received on the network.
Price action of ADA/USDT
ADA experienced a 4-month downward trend that began in mid-March. The price dropped from $0.82 down to $0.39 at the end of last month. Losses increased after token prices fell below critical support levels of $0.32 at the beginning of this month.
Bulls tried to reclaim the $0.40 resistance level before challenging $0.45, where ADA rejected mid-July.
TradingView
You can read more about it here Cardano’s [ADA] Price Prediction 2024 – 2025
At the time this article was written, the ADA/USDT currency pair traded at $0.34. This is below both its 200-day and 100-day moving averages.
Speculators are closely watching key price levels in order to predict the next movement.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
