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Exploring Shiba Inu Lead Vision: ShibaSwap as a Center for Innovation

Abdulkarim Abdulwahab
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Exploring Shiba Inu Lead Vision: ShibaSwap as a Center for Innovation

Shytoshi Kusama, the Shiba Inu lead developer, sees the recently transitioned ShibaSwap DEX as a central hub for “innovators and Shibizens.”

In a recent post on X, Lucie, Shiba Inu’s content marketer, raised awareness of Kusama’s reaction to the migration of the ShibaSwap DEX platform to Shibarium.

As reported by The Crypto Basic yesterday, Shiba Inu’s decentralized exchange, ShibaSwap, recently underwent a migration from solely operating on the Ethereum platform to the ecosystem’s layer-2 blockchain, Shibarium. Following this development, the DEX is now multi-chain.

ShibaSwap’s migration to Shibarium ushered in new features and capabilities for the SHIB Army, especially for dApp activities. Specifically, liquidity pools are now strengthened, and DeFi functionalities are refined. Moreover, ShibaSwap now features community-specific activities like token voting competitions.

Shiba Inu Lead Calls ShibaSwap Hub for Shibizens

Considering the host of functionalities introduced by the decentralized exchange on the back of its migration to Shibarium, Kusama emphasized its role as a new hub for creators and members of the Shiba Inu community.

“The new ShibaSwap is a hub for innovators and Shibizens alike,” the Shiba Inu lead said.

He went on to describe ShibaSwap as a fertile ground for community tokens to flourish. He believes it fosters a dynamic marketplace enriched with diverse projects, causes, and members of the SHIB ARMY.

Besides, ShibaSwap’s migration has introduced additional features, such as facilitating bridging new assets to integrate them into the DEX’s native ecosystem. Amid Lucie’s spotlight on Kusama’s commentary, she asked community members about their readiness to bridge to Shibarium.

The Shiba Inu official encouraged participants to share a screenshot of their wallet on Shibarium and promised rewards to three individuals. As anticipated, the SHIB Army eagerly complied with the request, with numerous members posting their screenshots.

ShibaSwap’s Upgrade

It is worth mentioning that ShibaSwap’s transition is part of the broader effort to upgrade the DEX platform to version 2.0. Shiba Inu’s lead developer hinted at the coming of version 1.75 during one of his latest interactions with community members on the Shibarium Telegram channel.

Within a week of the teaser, the Shiba Inu team announced ShibaSwap’s transition from Ethereum to Shibarium.

An anticipated feature of ShibaSwap’s version two is its transformation beyond a simple token swap platform into a crypto portal, serving as a central hub for accessing statistics, news, and trends.

Ripple Goes Big in Japan, Partners with HashKey to Launch XRPL-Powered Solutions

Sam Wisdom Raphael
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Ripple Goes Big in Japan, Partners with HashKey to Launch XRPL-Powered Solutions

Ripple and SBI Group recently formed a partnership with Tokyo-based HashKey DX to launch XRPL-powered solutions in Japan, starting with the supply chain finance industry.

Amid the growing adoption of blockchain technology, Ripple, a leading enterprise blockchain solutions provider, has continued to introduce products aimed at leveraging this trend. The latest feat involves a partnership with HashKey DX, a subsidiary of the HashKey Group.

In a recent announcement, Ripple confirmed that its collaboration with HashKey DX, along with SBI Ripple Asia, will help launch enterprise solutions powered by the XRP Ledger (XRPL) to the Japanese market. The company plans to start with the introduction of supply chain finance solutions. 

Ripple to Launch a Supply Chain Finance Product in Japan

Blockchain use in supply chain finance has grown over the years, as companies turn to the nascent technology to address security and transparency issues in supply chain. A report from Verified Markets Research noted that the blockchain in supply chain finance market is expected to grow from $360 million in 2021 to $13.4 billion in 2030.

Notably, to enter this market, Ripple will utilize HashKey DX’s supply chain finance product, introduced in July 2019 and now prominent in China. The product now boasts 4,300 suppliers and 4,000 onboard companies, with up to 23 banks. It has also crossed $7 billion in cumulative trade over the past five years.

With the product already gaining traction in China, Ripple’s collaboration with HashKey DX will introduce it to the Japanese market. According to the announcement, the product will launch on the XRP Ledger, with SBI Group, Ripple’s long-term partner, serving as the first firm to leverage it in Japan.

Meanwhile, the partnership between Ripple, SBI and HashKey DX will not conclude with the launch of the supply chain finance product. Instead, the trio will leverage the partnership to further explore other product use cases to launch on the XRPL for the Japanese market in the future.

Ripple’s Consistent Expansive Efforts

Ripple has been making multiple strides to penetrate several industries in recent times, and the latest endeavor marks one of these efforts. Last May, the firm acquired Metaco to enter the custody industry. Further broadening its scope with the acquisition of Standard Custody two months back.

Earlier this year, it announced plans to launch a USD stablecoin on the XRPL and Ethereum to penetrate the $150 billion-valued stablecoin market. This market is also projected to reach a valuation of $2.8 trillion by 2028. Ripple has continued these expansive moves despite its age-long legal battle with the U.S. SEC.

Here Are Top Predictions for Shiba Inu to Hit $0.0001

Abdulkarim Abdulwahab
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Here Are Top Predictions for Shiba Inu to Hit $0.0001

This article identifies the leading forecasts projecting Shiba Inu to set a new all-time high at the $0.0001 price level.

Shiba Inu has taken a significant hit from this month’s widespread price corrections. At its current value, SHIB has lost 22.73% in the last 30 days. While it has fairly recovered from the major dip, Shiba Inu now faces challenges breaching the $0.000024 territory, which it has struggled with for the past few days.

Despite its current challenges, enthusiasts remain optimistic about Shiba Inu’s potential for significant price surges. Accordingly, many market observers have speculated on the possibility of SHIB rallying to an unprecedented price target of $0.0001 during its anticipated comeback.

5 Predictions for Shiba Inu Hitting $0.0001

Market watcher Eunice Wong recently voiced the sentiment that Shiba Inu was gearing up for a “second leg” bull rally. This perspective stemmed from the aggressive bull run Shiba Inu engineered between late February and early March, which took its price to a value not seen in three years.

Now, after the bearish opposition SHIB witnessed following the rally, Wong believes that Shiba Inu is set for a repeat. This analyst hinted at a scenario wherein Shiba Inu goes on to clinch $0.000125 during the projected “second leg.” 

Meanwhile, analyst Bunchhieng argued on TradingView that Shiba Inu has the potential to repeat 2021’s history. He suggested that it is plausible for SHIB’s value to hit $0.0001 in this cycle, drawing parallels with the pattern observed during the 2021 bull market. Remarkably, during that period, Shiba Inu soared by over 800,000%.

Last month, while Shiba Inu rallied, famous crypto pundit Oscar Ramos remarked that the surge has increased the likelihood of the asset’s price pushing toward $0.0001. According to him, Shiba Inu’s $0.0001 price point is “100% happening.”

Interestingly, analyst Gem Sheriff echoed a similar sentiment at precisely the same time. He presented a chart hypothetically illustrating candlestick patterns that could lead Shiba Inu beyond $0.00011.

Meanwhile, after bears took control of Shiba Inu in late March, analyst Javin Marks revised his projections for SHIB. Marks suggested that despite the pullback in prices, the bulls might have increased strength in pursuit of the $0.000081 target. He noted that $0.000081 materializing enables further breakthroughs that could bring $0.0001553 into play.

When Can Shiba Inu Hit $0.0001?

Most analysts projecting a $0.0001 price level for Shiba Inu anticipate the value materializing within this bull market, which is expected to end in 2025. With Shiba Inu trading at $0.0000248, reaching the target price would require only a 303% price growth for SHIB. Interestingly, SHIB demonstrated a 350% price growth in under ten days last month.

While the 303% upsurge appears achievable for SHIB given its history, Changelly researchers suggest that Shiba Inu may only reach $0.0001 by 2027. However, it is important to note that these projections are merely speculative, and not consider them as investment advice.

Cardano Records $13B Daily Large Txn Volume as Bulls Re-enter the Scene

Sam Wisdom Raphael
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Cardano Records $13B Daily Large Txn Volume as Bulls Re-enter the Scene

Cardano is witnessing a resurgence of whale interest, as large transactions on the network soar to an average of $13 billion a day over the last seven days.

On-chain data from blockchain surveillance resource IntoTheBlock confirms this trend. IntoTheBlock took to X today to reveal that Cardano has commanded some of the largest daily transaction volumes over the last week, nearly competing with the premier cryptocurrency Bitcoin (BTC).

ADA Sees $13B Daily Average Transaction Volume

According to the disclosure, the volume of ADA transactions worth at least $100,000 has surged to a daily average of $13.84 billion in the past seven days. Further data suggests that this massive volume is a third of Bitcoin’s volume within the same timeframe, and more than 16x the volume of Dogecoin.

Notably, over the past seven days, the highest daily transaction volume amounted to $14.08 billion on April 22, when ADA recovered the $0.51 price threshold amid an impressive 3.48% intraday gain. As Cardano relinquished this price territory to the bears in a 4-day losing streak, large transaction volume saw a sustained decline.

However, despite this drop, the cumulative volume of these transactions remained above $10 billion, with the lowest figure recorded over the past week sitting at $10.32 billion on April 27. Since this low, transaction volume has seen a gradual uptick, with the latest figure amounting to $10.32 billion.

This uptick in large transaction volume for Cardano could indicate increased interest from institutional investors or significant movement within the network, potentially signaling growing confidence in the project. However, it does not provide useful directional signals, as these movements could either represent inflows or outflows from exchanges.

Cardano Targets $0.775 Amid Whale Accumulation

Interestingly, Santiment data reveals that the cumulative balance held by addresses with 100,000 to 100 million ADA has continued to increase since the start of this month. This suggests a growing accumulation trend among large holders, which Cardano could leverage for a recovery push.

Meanwhile, market analyst Cobra Vanguard recently disclosed that ADA has been trading within an expanding channel since the start of this year, recording higher highs while also witnessing lower lows from January till now. The analyst expects this trend to persist, projecting multiple price targets.

The first target rests on the $0.52 price territory, while the second and third price targets are positioned at the $0.57 and $0.62 price. According to the analyst, once Cardano breaches these levels, it would need to conquer the $0.685 level before recording a push above $0.70, with the ultimate target set at $0.775.

Ethereum Price Poised to Outperform Bitcoin as $17M Signal Emerges

Mark Brennan
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Ethereum Price Poised to Outperform Bitcoin as $17M Signal Emerges

Ethereum (ETH) price surged as high as $3,350 on April 28, marking a 17% bounce in the last 10-day, as on-chain indicators reveal the key catalyst behind the recent uptick. 

Ethereum Holders Cut Market Supply by $17 million in 3-Days

When Ethereum price tumbled to a 2024 low of $2,868 on April 19, it sparked fears of an incoming post-Bitcoin Halving crash driving ETH to new lows. However, rather than entering a large scale sell-off, ETH whale holders and Liquidity Staking Derivatives (LSD) users turned to the yield staking contracts to tide over the market downturn with passive income.

As hinted in an earlier report from The Crypto Basic, a $620 million surge in Ethereum 2.0 staking appears to have helped slow down the selling pressure in ETH markets over the past week.

Ethereum (ETH) Price vs Bitcoin (BTC) Price Action
Ethereum Price vs Bitcoin Price Action

Unsurprisingly, Ethereum price has outperformed BTC by a considerable margin in the last 10 days. The chart above illustrates that ETH has recovered 17% between April 19 and April 29. Meanwhile, BTC price has dropped 5% during the same 10-day timeframe.

Looking beyond the price action, on-chain data trends observed in the last 3 days suggests that Ethereum will likely extend its winning streak over BTC in the week ahead.

IntoTheBlock Exchange Netflow metric tracks the daily difference between deposits and withdrawals of a specific cryptocurrency across recognized crypto exchanges.

Essentially, a Negative Exchange Netflow trend means investors are increasingly withdrawing coins into long-term storage or staking contracts, while cutting down available spot market supply, and vice versa.

Ethereum (ETH) Price vs. Exchange Netflows | IntoTheBlock
Ethereum (ETH) Price vs. Exchange Netflows | IntoTheBlock

As seen in the snapshot, above Ethereum has recorded negative flows in 3 consecutive trading days dating back to April 26. And during that period, investors have shifted a total of 5,410 ETH from exchange-hosted into long-term storage and staking contracts.

At the time of publication on April 29, ETH price is trading around $3,180, implying that the Ethereum holders have cut down on the current market supply by approximately $17 million.

ETH Price Forecast: $3,250 Resistance Looming Large

Drawing inferences from the $17 million decline in ETH market supply, Ethereum price looks set to outperform Bitcoin for a second consecutive week, as the bulls seek to reclaim the $3,500 milestone.

But based on historical accumulation trends, Ethereum price must post a green candle above the $3,266 territory to where 2.07 million addresses had acquired 4.93 million ETH validate this bullish price forecast.

Ethereum (ETH) Price Forecast
Ethereum (ETH) Price Forecast

If Ethereum bulls can stage a decisive breakout above $3,270, further uptrend towards $3,500 could follow. But conversely, if ETH price suffers another major downswing, it could slide as low as $2,980 before finding a significant support cluster.

Bitcoin Takes Biggest Hit as Crypto ETP Market Suffers $6.2B Decline in Volume

Abdulkarim Abdulwahab
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Bitcoin Takes Biggest Hit as Crypto ETP Market Suffers $6.2B Decline in Volume

Crypto investment products led by Bitcoin witnessed the third conservative week of negative flow, with a staggering $6.2 billion crash in trading volume.

Digital asset manager CoinShares noted this development in its latest weekly report on the fund flow to Bitcoin and other crypto investment products.

According to the report, last week’s $435 million outflow marked the largest since March this year. Alongside the negative flow, the volume of crypto exchange-traded products (ETPs) collapsed to $11.8 billion last week. This figure reflects a $6.2 billion deficit from the previous week’s $18 billion trading volume record. 

The CoinShares report pointed out that Bitcoin lost 6% of its value amid the decline in ETP trading volume and negative inflow.

Bitcoin Takes Biggest Hit

Notably, the outflows were more pronounced for Bitcoin than other crypto assets. In particular, the outflow from Bitcoin investment products alone was $432 million. On the other hand, Ethereum-based investments saw significantly lower negative flows at $38 million.

Meanwhile, a diverse array of altcoins witnessed inflows as investors opted for multi-coin investment products, resulting in $7 million in inflows. Also, favorite investments related to Solana (SOL), Litecoin (LTC), and Chainlink (LINK) maintained their appeal, attracting inflows of $4 million, $3 million, and $2.8 million, respectively.

CoinShare Crypto Investment fund flows
Crypto Investment Fund Flows | CoinShares

Fund Flow Per Regions

Significantly, the majority of the outflows from crypto investment products last week were from the Bitcoin ETF market in the U.S. The U.S. spot ETF market saw a drain of $388 million, largely influenced by Grayscale Bitcoin Trust (GBTC). GBTC alone recorded a substantial $440 million outflow last week, but this was the lowest inflow in the last nine weeks.

While Grayscale’s negative flow trend gradually declines, other ETF issuers are witnessing a drop in inflow. For instance, last week saw an influx of $126 million to U.S. spot Bitcoin ETFs, down by 50% from the $254 million in the previous week.

Nonetheless, the U.S. Bitcoin spot ETF market has commanded an inflow of $13.6 billion since inception.

Regarding other regions, Germany and Canada similarly experienced bearish sentiment, with outflows of $16 million and $32 million, respectively, last week. However, Switzerland and Brazil defied this trend, seeing inflows of $5 million and $4 million, respectively.

Shiba Inu Aims to Leverage Whale Transaction Spike to Reclaim $0.000045

Sam Wisdom Raphael
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Shiba Inu Aims to Leverage Whale Transaction Spike to Reclaim $0.000045

Shiba Inu aims to capitalize on a recent surge in whale transactions to facilitate a measured ascent towards regaining the price level at $0.000045.

As the global crypto market faces a bearish consolidation phase, Shiba Inu has retraced most of the gains it picked up last month. SHIB’s downtrend has resulted in a 44% collapse from the $0.000045 high attained on March 5, but recent market signals point to an imminent recovery of this price threshold.

Notably, on-chain data suggests that Shiba Inu has continued to attract investor interest, with a growing tendency among existing investors to hold onto their tokens. Data sourced by IntoTheBlock shows that SHIB recently witnessed a massive spike in whale transaction volume.

Shiba Inu Sees Bullish On-chain Metrics

Large transactions involving SHIB spiked to a high of 3.73 trillion tokens on April 23, signaling robust market activity. This figure skyrocketed further to 6.23 trillion SHIB worth an excess of $144 million on April 24. These intraday spikes in whale transactions resulted in weekly highs, as market participants entered the scene.

While these whale transactions do not particularly give any directional signals, insights from CryptoQuant gives an inkling on where these transactions are heading to. The SHIB Exchange Netflow indicator confirms that investors have been taking off their SHIB tokens from exchanges this month.

Between April 1 to 17, exchanges witnessed 17 consecutive days of sustained outflows, as market participants moved their tokens to cold wallets for long-term storage. Particularly, on April 12, investors pulled out over 1.110 trillion SHIB from exchanges. After four days of mild inflows, these outflows have now resumed.

SHIBA INU Exchange Netflow Total All Exchanges
Shiba Inu Exchange Netflow | CryptoQuant

In addition, Shiba Inu is witnessing a rise in daily active addresses, which recently increased to a 30-day high of 1.31 million addresses on April 19. Moreover, the new adoption rate, indicating the proportion of new addresses making their first transactions, has held up above 40%, hitting 48.15% earlier this month.

SHIB Aims for $0.000045

These metrics confirm the prevalence of bullish sentiments around SHIB despite the downtrend. As a result, Shiba Inu seeks to leverage this atmosphere for a massive push toward recovery. Price-tracking resources Coinpedia Markets called attention to this imminent upswing.

In a recent post on X, analysts at Coinpedia noted SHIB’s previous 23% rise, stressing that it had already broken above its previous range high and looks poised for a significant move up. With the first range high now standing as support, SHIB seeks to breach the second range high, eventually pushing to reclaim $0.000045.

At its current price of $0.00002343, Shiba Inu has slipped below the support, but the bears have mounted a defense at $0.00002182, aligning with the Fibonacci 0.236 level. SHIB’s immediate resistance at this point stands at Fib. 0.382 ($0.00002388), with a break above this level pointed to bring it face to face with the 50-day EMA ($0.00002479).

XRP Price Prediction: Can this $40M Signal Kickstart a $0.60 Rebound?

Mark Brennan
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XRP Price Prediction: Can this $40M Signal Kickstart a $0.60 Rebound?

XRP price opened trading at $0.51 on April 29, reflecting a 12.5% decline in seven days, but a rare $40 million signal in the derivatives market offers a glimmer of hope for bulls in the week ahead.

XRP Open Interest Holds Steady Amid 12.5% Price Dip

On Monday, April 29, XRP price briefly stumbled below the $0.50 psychological support for the first time in 10 days, before bulls swooped in to avert further losses.

XRP Price action April 22 - April 29 | TradingView 
XRP Price Action

Similar to XRP, top-ranked crypto assets such as BTC and ETH, and SOL have all struggled for momentum in the last two weeks. But after the latest 12.5% downswing, bullish speculative traders now appear to be potting an XRP price rebound mission behind the scenes.

Coinglass’ Open Interest metric tracks the nominal value of total active futures contract listed for a cryptocurrency across recognized trading platforms.

XRP Price vs Open Interest | Coinglass
XRP Price vs Open Interest | Coinglass

Within the 7-day timeframe dating back to April 22, XRP open interest has shrunk by $40 million, reflecting a 7% decline from $562 million to $522.36 million at the time of writing on April 29.

At first glance, a 7% decline in open interest over the past week appears bearish, but when compared to the 12.5% price dip during the same time period, it offers deeper insights.

Typically, when open interest declines at a slower pace than prices during a market dip, as observed in the XRP markets over the past week, strategic traders could interpret it as early signal of an imminent bullish rebound for two key reasons.

First, a slower decline in open interest suggests that traders are not rushing to exit their positions despite the price drop. This behavior may indicate that investors remain confident in XRP’s long-term prospects and are willing to hold onto their positions, anticipating a potential recovery in prices.

Secondly, it may also suggest that sellers are becoming exhausted. With fewer market participants willing to take short positions or sell their holdings at lower prices, the drop-off in selling pressure could pave the way for a bullish reversal as buyers step in to capitalize on discounted prices.

XRP Price Forecast: Imminent Rebound to $0.60

Drawing insights from the positive divergence observed between the price trend and open interest, XRP looks set to rebound toward $0.60 in the coming weeks.

However, looking at the Bollinger band technical indicator, any XRP price recovery mission in the near time could face turbulence at the $0.53 territory. But if that 20-day SMA resistance sell wall caves, XRP price could enter a parabolic breakout toward $0.60 as predicted.

XRP Price Forecast | Source: TradingView
XRP Price Forecast

On the contrary, XRP price stands the risk of a sliding towards $0.45 if the selling pressure heightens in the days ahead. But in this scenario, the bulls will likely make concerted efforts to regroup around the psychological support cluster $0.50, to avoid booking another wave of double-digit losses.

 

Crypto Author Suggests Main Solution to Lead to XRP Ledger Mass Adoption

Abdulkarim Abdulwahab
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Crypto Author Suggests Main Solution to Lead to XRP Ledger Mass Adoption

Prominent crypto author Panos Mekras has identified built-in account abstraction as the primary solution that will lead to mass adoption of XRP Ledger (XRPL). 

Mekras recently made this proposition on X, bringing it to the attention of Ripple engineers such as Mayukha Vadari and CTO David Schwartz.

Why XRP Ledger Needs Built-in Account Abstraction

In the post, Mekras stressed XRPL’s need to integrate a built-in account abstraction solution. This solution will enable accounts to cover transaction fees and reserves for other accounts, which is particularly beneficial for projects building on XRPL.

Mekras pointed out that the current XRPL framework presents limitations for XRPL apps. He noted that projects will find it challenging to seamlessly onboard potentially millions or even thousands of users while keeping the XRPL infrastructure hidden from view.

However, Mekras, co-founder of Anodos Finance, explained that this proposed solution could eliminate certain reserves that prevent apps from smoothly onboarding users. 

According to the industry pundit, mass adoption will remain elusive if blockchains are not hidden from end users’ view. Mekras pointed out that most end users are indifferent to the underlying technology, blockchain, token, or chain. 

Instead, they prioritize functionality, superiority over alternatives, and problem-solving capabilities in applications. Their focus lies on experiences and products rather than infrastructure. 

“If we want to see mainstream adoption of Web3 as a more open, decentralized internet with self-sovereignty, then we need to do better,” Mekras remarked.

Chain Abstraction is Must-Have for the Industry

In parallel, Mekras stressed that chain and account abstraction stands as an indispensable solution for the entire industry. He highlighted its ability to streamline blockchain intricacies and simplify the numerous steps required for current crypto users on dApps or chains. 

This includes reducing the need for multiple contract approvals and eliminating the hassle of managing seed phrases and private keys. It is also said to address bottlenecks associated with gas fee payments.

Meanwhile, Mekras noted that solutions for EVM-compatible chains already exist and are relatively more straightforward to implement. Also, he highlighted that XRPL’s rival Stellar (XLM) has implemented a similar abstraction. As a result, the industry commentator noted that having a similar solution on XRPL is now crucial.

“We need it on XRPL as well, and we need it very soon,” Mekras submitted.

Reacting to the proposition, some community members expressed agreement with Mekras’ view of XRPL’s need for abstraction.

Cardano Investors Highlight Significance of Upcoming Chang Hard fork 

Lele Jima
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Cardano Investors Highlight Significance of Upcoming Chang Hard fork 

Cardano community members are enthusiastic about the upcoming launch of the Chang hard fork, touting the upgrade as a game changer. 

The upcoming launch of Chang hard fork has taken center stage in the Cardano community. With the pivotal update expected to go live this quarter, prominent Cardano enthusiasts have taken to X to state that the upgrade would be a major game-changer for the network. Prominent Cardano community members, including Chris, ADA Whale, saint, and Ed n’ Stuff, shared this sentiment. 

Chang Hard Fork Impact on Cardano Governance 

For context, the Chang hard fork is part of the final stage of Cardano’s roadmap, Voltaire. The Voltaire phase aims to help Cardano become truly decentralized and self-sustaining.  

For Cardano to achieve this feat, the Chang hard fork needs to be implemented. Chang, which is slated for launch in Q2 2024, will introduce minimum-viable community-run governance. It marks the first technological upgrade of the Voltaire era. 

At the heart of the Chang hard fork lies its role in initiating Cardano’s governance journey throughout the year. The network’s decentralized governance mechanism will be initiated in three crucial phases. 

Phases of Cardano Decentralized Governance 

Cardano will see a new governance feature dubbed Delegate Representatives (DReps) in the first phase of the Chang hard fork. These representatives, elected by ADA holders, will advocate for the broader Cardano community’s interests and vote on all governance actions and proposals. 

The second phase is centered on a constitutional convention slated to take place in Buenos Aires later this year. At the convention, governance representatives will converge in Argentina’s capital to compose the inaugural version of the highly anticipated Cardano Constitution. 

Lastly, the drafted Cardano constitution will undergo ratification, in which the broader community will vote on whether to adopt the proposed legislation. If ratified, the constitution will ultimately become the foundation of Cardano’s decentralized governance model. 

Notably, the drafting and ratification of the Cardano constitution will be finalized towards the end of the year. 

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