ADA Sees 52% Explosion In Major Metric

The excitement continues to build within the Cardano (ADA) community as the highly anticipated Chang hard fork gets ready to launch. Ahead of the upcoming upgrade, ADA, the native token of the Cardano ecosystem, has exploded by over 52% in this key metric. 

Cardano Releases Date For Chang Upgrade

Intersect, a member-based organization for the Cardano ecosystem, took to X (formerly Twitter) on August 20 to provide comprehensive details and updates on the Chang hard fork. The organization has unveiled key dates for the Chang upgrade launch, highlighting that the majority of preparations are already finalized.

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According to Intersect, the Chang hard fork group held a meeting recently to review and discuss the progress of the project’s desired thresholds and to gather valuable feedback from the Cardano community. With most of the preparations complete, they have proposed the first set of dates for the hard fork on the production mainnet. 

The target date for “the Chang #1 hard fork” is set for Tuesday, August 27. However, a final decision on whether or not to proceed with this date will be made on Friday, August 23. The official date has been decided based on the readiness of certain key metrics, which have shown steady progress over the past weeks. 

Intersect disclosed that the Chang hard fork group has verified and confirmed that the key components and tooling for the upgrade are set. This includes readiness of the Stake Pool Operator (SPO), exchange liquidity, and updates from Decentralized Applications (DApps). The team has affirmed that all components have exceeded expectations. 

Furthermore, intersect noted that the formal process for initiating the hard fork will begin with a four-day lead time to conclude all necessary governance actions and approvals. In the case of a change of dates, the Chang hard fork team has revealed that the next appropriate window for the upgrade would be on September 3, 2024. 

However, for now, all current indications suggest that August 27 is the most viable date for the Chang hard fork launch. In preparation, pre-production will be a hard fork on August 22. 

ADA Surges Over 52% In A Key Metric 

On August 21, Cardano’s native token, ADA, witnessed an unprecedented rise in overall trading volume. Coinglass reports that the cryptocurrency jumped over 54% at the time, underscoring the rising trading activity and interest from investors. 

This unexpected volume increase could be signaling a shift in Cardano’s price dynamics. Over the past months, the price of ADA has been on a seemingly never ending consolidation phase. However with its surging volume, the cryptocurrency may be indicating a potential end to its price stagnation. 

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Although ADA’s volume rose above 54% previously, the cryptocurrency’s current trading volume is up by 36.21%, at around $428.88 million, according to Coinglass. ADA’s open interest is also witnessing a slight upward momentum, increasing by 4.66%. 

Including the upcoming Chang upgrade, these positive changes in the cryptocurrency’s metrics could be fueling Cardano’s recent price increase in the last 24 hours. CoinMarketCap data shows that ADA’s price has jumped 4.74% and is presently trading at $0.368. 

Featured image created with Dall.E, chart from Tradingview.com