Can ADA Make a Comeback?

• Cardano prepares for Chang hard fork, introducing advanced voting mechanisms.
• ADA competes with TRX for 10th place in cryptocurrency market cap rankings.
• Community anticipates potential price impact and ecosystem growth post-fork.

Cardano stands on the cusp of a major transformation as it prepares to implement the Chang hard fork, a pivotal upgrade championed by co-founder Charles Hoskinson.

This forthcoming update promises to revolutionize the network’s governance structure, introducing sophisticated voting mechanisms that will empower the community to directly shape Cardano’s future trajectory.

Named in honor of Phil Chang, a key figure in Cardano’s early governance development, the hard fork aims to usher in an era of enhanced participation and innovation within the ecosystem.

Cardano battles with Tron for tenth position

As the Cardano community braces for this technological leap, the network finds itself in a fierce battle with Tron for the coveted tenth position in the cryptocurrency market capitalization rankings.

This competition intensified on August 20, 2024, when Cardano briefly slipped out of the top ten, eclipsed by Tron’s surging valuation driven by its newly launched meme coin platform, SunPump.

However, the tides appear to be shifting, with Tron experiencing a 6% price decline while Cardano enjoys a 4% uptick, narrowing the gap between their respective market capitalizations to a mere $250 million.

The cryptocurrency exchange ecosystem is gearing up for the Chang hard fork, with over 14 major platforms, including industry giant Coinbase, already prepared for the update.

Others, such as Binance, are in the final stages of readiness, though a significant number of exchanges have yet to begin their preparations. The success of the network transition hinges on achieving a 70% participation rate among pool operators updating to node version 9.0, a critical milestone for the fork’s implementation.

Despite the anticipation surrounding the Chang hard fork, Cardano continues to face scrutiny over ADA’s sluggish price performance.

The token has experienced a nearly 38% decline year-to-date and remains below its all-time highs.