The Cardano Chang hard fork could propel ADA to $2, predicts analyst Sebastian, with major upgrades in governance and smart contract efficiency.
Crypto analyst Sebastian has provided an update on the upcoming upgrade for the Cardano blockchain, indicating that June will mark the initial node upgrade. According to him, by August, all nodes should be updated, and the Chang Hard Fork is expected to be live.
Sebastian predicts that ADA, currently trading at $0.4254, could reach $2 by August based on historical price surges preceding hard forks.
So, in June the Cardano blockchain will receive the node upgrade and in August all nodes should be updated and Chang should be live.
Before all other important hard forks, $ADA price went nuts.
A $2 $ADA in August is highly likely!— Sssebi🦁 (@Av_Sebastian) June 10, 2024
The Chang Hard Fork and Cardano’s Voltaire Era
The Chang Hard Fork, first announced in late 2022, is set to usher in Cardano’s “Voltaire” era. This phase will transition decision-making power from IOHK to the wider community. Charles Hoskinson, Cardano’s CEO, also confirmed that Cardano Node 9.0, which will enable the fork, is truly slated for release.
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
It's the most significant…
— Charles Hoskinson (@IOHK_Charles) June 9, 2024
According to Hoskinson, this development is a milestone in Cardano’s history. He emphasized the community’s role in achieving a decentralized governance system, which includes annual budgets, a treasury, and collective wisdom guiding the network.
Historical Precedents
Community member Rami highlighted that past hard fork events have led to ADA price increases. The Chang Hard Fork is expected to enhance smart contract efficiency through Plutus v3 and introduce on-chain governance, distributing 1 billion ADA to the community.
As the upgrade rolls out, improvements in decentralized exchanges (DEXs) speed, increased stablecoin usage, new central exchange (CEX) listings for many Cardano Native Tokens (CNTs), and the upcoming midnight airdrop are also anticipated.
Cardano’s Progress Amid Skepticism
Despite facing criticism from crypto influencers and media, Hoskinson maintains that Cardano is on track for substantial progress. He noted the disconnect between Cardano’s actual advancements and its portrayal by detractors.
During this press, the price of Cardano (ADA) stands at $0.4253, with a 24-hour trading volume of $496,920,640. This indicates a 0.88% decrease in the past day and a 7.73% drop over the last week.