Massive Cardano (ADA) Update Scheduled for Later This Month: Here’s What You Need to Know

TL;DR

• ADA’s valuation has increased by 4%, trading around $0.35, following the announcement of the upcoming Chang Hard Fork upgrade.
• Despite the recent uptrend, the majority of ADA holders remain at a loss, with only 22% currently in profit, reflecting the challenges the cryptocurrency has faced recently.

ADA Flashes Green

The cryptocurrency market headed south in the past several hours, erasing much of the gains recorded on August 20. Bitcoin (BTC), for instance, dropped below $60,000, while Ethereum (ETH) plunged under $2,600.

However, not all leading cryptocurrencies are in the red, with Cardano’s ADA being among the few that have charted some increases. The token’s price is up 4% on a daily scale, currently trading at around $0.35 (per CoinGecko’s data).

ADA’s uptick follows an important announcement from the Cardano team. Tim Harrison – EVP of Community and Ecosystem Communications at Input Output – said the Chang Hard Fork upgrade is expected to go live on the mainnet on August 27. The final go/no go decision is scheduled for August 23, he added.

Cardano’s founder, Charles Hoskinson, also highlighted the upcoming update, claiming that the “rocket is on the pad” and “governance is coming.”

According to the official announcement, the next appropriate window for the hard fork is September 3 (assuming it does not go live on the mainnet next week).

“However, the current indications suggest the 27th of August is viable, and that is what the hard fork working group technical teams are working towards. Pre-production will be a hard fork on the 22nd of August in preparation,” the disclosure reads.

The Chang Hard Fork is a major upgrade for the Cardano blockchain, marking a step towards full decentralization and community-driven governance. It is part of the Voltaire era of the team’s development roadmap, which focuses on implementing a sustainable and distributed governance framework. The upgrade aims to enhance transparency, security, and community participation.

How are ADA Holders Faring?

The asset’s recent price increase has slightly improved the situation for its investors. According to IntoTheBlock, around 22% of all ADA HODLers are currently sitting on some paper profits, while over 75% are underwater.

In comparison, almost nobody invested in the token was in the green at the start of the month. Back then, the crypto sector experienced a severe crash, which pushed its global market cap to well below $2 trillion. ADA was among the worst-affected coins, tumbling to a nine-month low of $0.27.