The Cardano (ADA) community is abuzz with excitement as the highly anticipated Chang hard fork is set to launch. Intersect, a member-based organization for the Cardano ecosystem, recently took to X to provide in-depth details and updates on the upcoming upgrade. The organization has revealed key dates for the Chang hard fork launch, indicating that preparations are nearing completion.
According to Intersect, the target date for “the Chang #1 hard fork” is scheduled for Tuesday, August 27. A final decision on whether to proceed with this date will be made on Friday, August 23. The readiness of key metrics, which have shown steady progress in recent weeks, has influenced the decision to set the official date for the hard fork.
The Chang hard fork group has confirmed that the essential components and tooling for the upgrade are in place. This includes the readiness of Stake Pool Operators (SPOs), exchange liquidity, and updates from Decentralized Applications (DApps). The team has expressed confidence that all components have surpassed expectations, paving the way for a smooth transition.
Intersect highlighted that the formal process to initiate the hard fork will begin with a four-day lead time to complete all necessary governance actions and approvals. In the event of a change in dates, the next suitable window for the upgrade is proposed to be on September 3, 2024. However, current indications suggest that August 27 remains the most feasible date for the Chang hard fork launch.
On August 21, Cardano’s native token, ADA, experienced a significant surge in overall trading volume. Coinglass reports that the cryptocurrency skyrocketed by over 54%, reflecting increasing trading activity and investor interest. This unexpected volume surge may indicate a shift in Cardano’s price dynamics, potentially signaling the end of a prolonged consolidation phase.
ADA Metrics Point Towards Price Momentum
Despite ADA’s trading volume rising above 54% previously, the cryptocurrency’s current trading volume stands at approximately $428.88 million, with a 36.21% increase, according to Coinglass. Additionally, ADA’s open interest has seen a slight uptick, rising by 4.66%. These positive changes in ADA’s metrics, combined with the upcoming Chang upgrade, could be contributing to Cardano’s recent price surge in the past 24 hours.
The imminent Chang hard fork launch coupled with the notable increase in ADA’s trading volume signifies a positive outlook for Cardano. With key metrics surpassing expectations and market momentum building, Cardano enthusiasts eagerly anticipate the potential impact of these developments on the cryptocurrency’s price trajectory.
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