Recently, the Cardano network underwent the Chang hardfork, which has impacted the system’s decentralization and marked the beginning of the Conway era. Thanks to these innovations, users can now have a say in decisions regarding system updates. In this article, we explore how the hardfork has affected Cardano and what to expect for the future of ADA.
What Is the Cardano Blockchain?
Cardano is one of the most stable, resilient, and professionally developed blockchain systems. Initially designed to support smart contracts and decentralized applications (dApps), the Cardano network stands out for its high level of security and low transaction costs. The blockchain is powered by its native cryptocurrency, ADA, which plays a crucial role in maintaining the network and is used for staking, paying transaction fees, and governance participation.
The Role of the ADA Cryptocurrency
ADA is the native token of the Cardano network and serves multiple purposes. It is used for staking, allowing users to support the network’s security and earn rewards. Additionally, ADA is used to pay transaction fees within the system and to vote on proposed changes—this mechanism helps the network remain decentralized and democratic. Holding and utilizing ADA is also vital for developers working on smart contracts within Cardano.
Major Projects on Cardano
Cardano’s network actively supports the development of dApps, and over the past few years, numerous major projects have emerged on the platform. Among the most notable are:
- Ardana – A platform for creating decentralized stablecoins.
- SundaeSwap – A decentralized exchange for tokens within the Cardano network.
- Meld – A DeFi project offering crypto loans and the ability to use cryptocurrencies as collateral for fiat loans.
These and many other projects highlight Cardano’s ambition to become a leading platform for decentralized applications.
What Is the Chang Hardfork?
The Chang hardfork, launched on September 2, 2024, at block 10,764,778, is one of the largest updates to the Cardano network. It focuses on improving the blockchain’s functionality and scalability. The primary changes include enhancing the governance mechanisms and decision-making processes within the ecosystem. Thanks to the hardfork, ADA holders now have more opportunities to participate in network governance, significantly boosting decentralization.
Among other innovations is an upgrade to smart contracts, making them more flexible and secure. This has attracted additional attention from developers, which will likely lead to an increase in dApps on the platform.
In April 2024, Cardano founder Charles Hoskinson announced that by the end of the year, the blockchain would undergo an upgrade. Soon, we will witness the implementation of a new version of the Proof-of-Stake consensus mechanism, which will also influence the Cardano network.
How Has the Chang Hardfork Affected the System?
The primary impact of the Chang hardfork lies in improving the governance of the Cardano blockchain. Now, the ADA cryptocurrency allows its users to take a more active role in proposing and voting on changes through an enhanced voting mechanism. This makes the Cardano network more resilient and adaptable, which is essential for the long-term growth and development of the ecosystem. Furthermore, the upgrades to smart contracts have improved the reliability of decentralized applications.
The Price of ADA After the Chang Hardfork
As a result of the Chang hardfork, the price of ADA experienced a slight short-term increase due to heightened interest in the network and the improvements made to the ecosystem. However, like all cryptocurrencies, ADA’s price remains volatile and is heavily influenced by overall market conditions and the success of the ecosystem. Most experts predict that we won’t see significant price shifts in the near future.
The Cardano network continues to evolve, and the Chang hardfork shows the system’s readiness to adapt to new technologies. ADA’s price remains stable, with the currency ranking 11th in market capitalization, according to CoinMarketCap.
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Conclusion
The Chang hardfork was a significant update for the Cardano network, bringing substantial changes to the governance and functionality of the blockchain. The improvement of smart contracts and scalability opens new opportunities for developers, fostering the growth of decentralized applications and attracting investors. ADA continues to play a key role in the ecosystem, ensuring its stability and decentralization.
The Cardano network remains one of the most promising blockchain platforms in the market, and the Chang hardfork has only strengthened its position. In the coming years, we can expect further growth in the number of projects operating on the platform, which will likely positively impact ADA’s price and the network’s attractiveness for investors and users.
Chang is not just another update but an important step toward a decentralized future, where the Cardano network will continue competing with leading blockchain platforms and strive to enter the top 10 in market capitalization.