As Cardano prepares for its upcoming Chang hard fork, set to occur on August 27, excitement is building within the cryptocurrency community. This significant update marks the entry of Cardano into the “Voltaire era,” a phase focused on achieving a fully decentralized governance system driven by its community.
Cardano’s co-founder, Charles Hoskinson, has highlighted the hard fork’s transformative impact. The update introduces new voting mechanisms, empowering the community to have a direct say in the network’s future. We investigate further and examine how the price of ADA will respond.
Cardano Competes with Tron for Top 10 Cryptocurrency Spot
Named after Phil Chang, an influential figure in Cardano’s early governance efforts, the Chang hard fork will introduce advanced participation features. These include the ability to delegate votes and withdraw funds from the community treasury, which are expected to invigorate the ecosystem and spur innovation. Currently, Cardano (ADA) is in a close race with Tron (TRX) to reclaim its position among the top ten cryptocurrencies by market capitalization.
This rivalry intensified after Cardano briefly slipped out of the top ten on August 20, 2024. The drop occurred as Tron’s market value surged, driven by the launch of its new meme coin platform, SunPump.
However, the initial excitement surrounding Tron has started to wane, as evidenced by a 6% decrease in its price. In contrast, Cardano has seen a 4% increase, bringing its market capitalization to $13.16 billion, just behind Tron’s $13.40 billion. At the time of writing, ADA is trading at $0.37 ADA/USDT on Gate.io.
Market observers noted that ADA briefly surpassed TRX in market cap earlier today but couldn’t maintain the lead. With a gap of about $250 million, Cardano is well-positioned to close it, especially with the momentum building around the upcoming hard fork.
Preparations for Chang Hard Fork Intensify
Preparations for the Chang hard fork are moving forward, with over 14 cryptocurrency exchanges, including Coinbase, ready for the upgrade. Others, such as Binance, are nearing readiness, while 23 exchanges have yet to begin their preparations.
For the network’s transition to be successful, 70% of the participation pool operators must update their nodes to version 9.0, a critical requirement for the fork to proceed.
Despite the excitement surrounding the hard fork, Cardano has faced criticism for the slow price movement of ADA. The token has declined nearly 38% year-to-date and remains significantly below its all-time highs. Nonetheless, Cardano’s supporters remain hopeful for the future.
As the final decision for the mainnet hard fork approaches on August 23, the Cardano community is on the brink of entering a new era. This new chapter promises both technological advancements and a reinforced commitment to democratic principles within the Cardano ecosystem.
ADA Price in 2025
The price prediction for Cardano’s ADA in 2025 reflects a broad range of possibilities, influenced by several factors including the overall market conditions, technological advancements within the Cardano ecosystem, and regulatory developments.
According to various sources, optimistic scenarios suggest that ADA could reach highs of $2.42 by 2025. This growth is largely anticipated due to the effects of the Bitcoin Halving in 2024, which historically boosts the entire cryptocurrency market about a year later. Additionally, Cardano’s ongoing upgrades and its increasing adoption in decentralized finance (DeFi) and other blockchain applications contribute to this positive outlook.
On the conservative end, some analysts forecast a lower range between $0.80 and $1.20, considering potential market volatility and the regulatory challenges that cryptocurrencies might face during this period. If Cardano successfully navigates these challenges and continues to develop its smart contract capabilities and other technological innovations, the price could stabilize at higher levels.
Some predictions are even more bullish, with expectations that ADA could trade as high as $6 or more by 2025, driven by significant technological breakthroughs and broader adoption. Overall, while the forecasts vary, most analysts agree that Cardano has strong potential for growth in 2025, especially if it continues to enhance its technological offerings and if the broader market conditions are favourable.
What’s Cardano’s Difference?
Cardano utilizes a consensus mechanism called Ouroboros, which is a Proof-of-Stake (PoS) protocol designed to be both secure and energy-efficient. Unlike the Proof-of-Work (PoW) systems used by cryptocurrencies like Bitcoin, Ouroboros relies on ADA holders to validate transactions and create new blocks. In this system, stakeholders with a greater amount of ADA have a higher probability of being selected to validate the next block, which encourages broad participation while maintaining network security.
Ouroboros is also designed with scalability and sustainability in mind, allowing Cardano to support a large number of transactions without the high energy costs associated with PoW systems. The protocol is peer-reviewed and developed with a formal methodology, which ensures that it meets rigorous security standards, making Cardano one of the most robust blockchain platforms in the cryptocurrency space.
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