- With the Chang hard fork and Ouroboros Leios, Cardano is getting ready for significant updates that will improve its scalability and governance.
- Despite the current bearishness in the market, analysts believe that ADA’s consolidation could be a sign of a breakout.
With two crucial updates—the Chang hard fork and the Ouroboros Leios consensus mechanism—Cardano co-founder Charles Hoskinson has shed light on the network’s future. This occurs concurrently with a minor decline in the market value of Cardano’s native cryptocurrency, ADA, per recent statistics from CoinMarketCap (CMC).
The price of ADA is presently trading at about $0.5808, a slip of 3.93% over the previous day, according to the most recent CMC data. With a decline of 2.09% over the last week, this downward trend continues.
Although the market is feeling pessimistic, Cardano’s foundation is strong, and significant updates are on the horizon that could completely change its ecosystem.
Cardano’s Strategic Improvements: Ouroboros Leios and the Chang Hard Fork
Scheduled for the second quarter of 2024, the Chang hard fork is set to revolutionize Cardano’s decentralization by empowering ADA holders with voting rights on network proposals. Cardano’s user-centric governance paradigm is reinforced by this decision-democratization.
Concurrently, an upgrade to Ouroboros Leios is being developed with the goal of greatly improving scalability and transaction efficiency, in line with what ETHNews previously disclosed.
For Cardano to achieve its goal of supporting large transaction volumes without sacrificing its decentralized structure, this enhancement is essential.
Scalability and Governance: A New Era
The Chang hard fork’s implementation will significantly alter the governance dynamics of the Cardano ecosystem, giving holders of ADA significant influence over the ecosystem’s future course. This is consistent with Hoskinson’s notion of a community-controlled blockchain platform.
In addition, it is expected that the Ouroboros Leios consensus mechanism will revolutionize Cardano by perhaps overcoming the long-standing blockchain trilemma involving the harmonious achievement of scalability, security, and decentralization. For a deeper dive into these developments, you can check out this YouTube video.
Views from the Community and Analysts: Integration Prior to Innovation
Hoskinson is clearly optimistic about Cardano’s future in terms of innovation, scalability, and governance, despite the present difficulties in the market. He also praises the Cardano community for their steadfast involvement and support.
Popular crypto analyst Ali Martinez believes Cardano is consolidating between $0.55 and $0.80. Martinez indicates a strong perspective for the cryptocurrency in the near future by predicting a possible breakout to $1.70.
Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F
— Ali (@ali_charts) April 9, 2024