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Cardano is gearing up for its long-awaited upgrade, the Chan hard fork, which is expected to take effect by the end of July. The development has generated significant interest within the crypto community, especially given the impressive price rally that followed Cardano’s previous hard fork in 2021.
The Chan hard fork marks a step towards the Voltaire era for Cardano and marks the final stage in its roadmap to create a fully decentralized blockchain ecosystem. Once the switch is complete, Cardano will no longer be actively managed by Cardano development company Input Output Global (IOG) and will instead be run entirely by community members.
This week, the Cardano Foundation, in collaboration with CardanoScan, launched a tracking page to monitor preparations for Cardano’s largest ever upgrade. The significance of the Chan hard fork lies in its role in bootstrapping Cardano’s governance model, putting in place a minimum set of viable governance run by the community.
Historic surge signals ADA’s upside potential
As Cardano prepares for its Chan hard fork, past performance suggests that ADA price could rise significantly.
According to IntoTheBlock, Cardano’s native cryptocurrency, ADA, saw a massive surge in the run-up to the final major upgrade of 2021. In less than a month, ADA’s price increased by 130%, from $1.35 to $3.10. This historic performance has raised hopes that the upcoming Chan hard fork could trigger a similarly large price increase for ADA.
The crypto community will be eagerly watching how the Chang hard fork will affect the price of ADA as July progresses. Past precedent has left the market with a question: will the Chang hard fork trigger a similar rally? The answer to this question remains unknown.
At the time of writing, ADA was down 0.6% over the past 24 hours to $0.356, according to CoinMarketCap data.
About the Author
Tomiwabold Olajide
Tomiwa Boldo is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to the study of cryptocurrencies, conducts comprehensive price analysis and exchanges forecasts on estimated market trends. Tomiwa Boldo holds a degree from the University of Lagos.
