- Cardano is gearing up for its final evolution.
- ADA holders prepare to take control of $600 million.
- The chances of Cardano breaking through its resistance appear slim.
Cardano is only weeks away from launching its final evolution, Voltaire. Yet, the fanfare for this highly anticipated milestone is muted, overshadowed by chaotic and uncertain market conditions.
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In this edition of DailyCoin Regular, we talk about:
- The age of Voltaire.
- What to expect after the Chang hard fork.
- Hoskinson’s dig at Musk.
- ADA’s worrying performance.
Join our resident Cardano expert, Insha Zia, as he sheds light on these exciting developments.
Table of contents
News and Events: Understanding the Impact
Cardano Prepares For Voltaire
Cardano is fast approaching the final chapter of its ambitious roadmap: Voltaire. This upgrade promises to complete the puzzle by implementing CIP-1694, transforming the Proof-of-Stake network into a fully decentralized government.
In a recent social media post, founder Charles Hoskinson announced the upcoming release of Cardano node version 9.0, which will usher in the Chang hard fork and bring the most significant change to the network yet.
Hoskinson is optimistic that Cardano could move into the age of Voltaire as soon as June. Currently, the network is waiting for 70% of its stake pool operators (SPOs) to upgrade their nodes.
Cardano Community to Inherit $600M Following Chang Upgrade
The Chang hard fork promises to be one of the most transformative events in Cardano’s history. This upgrade sets the stage for CIP-1694, which aims to completely overhaul Cardano’s on-chain governance infrastructure by empowering ADA holders to submit governance actions and vote directly on the blockchain.
In addition to revolutionizing governance, the upgrade will put ADA holders in control of the network’s $681 million treasury, the eighth largest in the industry. Once the hard fork is implemented, Cardano community members will have the power to allocate funds to deserving projects, truly decentralizing the network’s financial and decision-making processes.
Hoskinson Questions Musk’s Fetish For Dogecoin
Cardano’s Charles Hoskinson stirred the pot with his recent remarks about Elon Musk’s alleged 20% stake in Dogecoin. When asked if he would consider collaborating with the Tesla CEO, Hoskinson responded with a rhetorical jab, “Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply? Or is it that he just likes the f***ing logo?”
Hoskinson admitted that Musk’s unconventional thinking makes it difficult to understand his true motivations and fully grasp the reasons behind his actions.
Cardano Struggles to Move Despite Major News
Cardano has been wrestling with the $0.5 resistance for over two months, but each attempt has fallen flat, underscoring a persistent lack of confidence in the asset, where even major network developments like Voltaire coming to the network struggle to spark a reaction.
While news of the Chang hard fork initially breathed some life into ADA, pushing its price from $0.43 to $0.45– a 5% increase, optimism quickly waned as the broader market turned bearish following the US Federal Reserve’s reluctance to introduce rate cuts, among other factors.
However, despite the challenging market conditions, there remains a glimmer of hope for ADA’s resurgence.
Current Outlook
At press time, confidence in Cardano remained glaringly low, as evidenced by its significantly negative long-to-short ratio, making it crucial for the protocol to regain momentum in the following weeks.
According to Coinglass’s ADA liquidation heatmap, there’s a concentration of positions above $0.45. If Cardano manages to fill orders above $0.45, it could gather enough momentum to continue its rally and potentially break through $0.5 for the first time in months.
However, given ADA’s negative long-to-short ratio, the chances of a Cardano breakthrough appear slim, reflecting the bearish sentiment among traders. If Cardano can attract fresh capital, it might gain the momentum needed to break through. However, given its lagging nature, there’s doubt whether new funds will soon pour into ADA.
On the Flipside
- For most of 2023, Cardano struggled to perform. However, in Q4, it turned the tide, closing out the year as one of the top-performing assets.
- ADA’s yearly growth has flipped negative, marking a 25% loss for the year.
- Hoskinson asserted that once CIP-1694 goes live following the community vote and hard fork, the network will become “more decentralized than all crypto,” including competitors Bitcoin and Ethereum.
- Hoskinson’s announcement comes amidst growing community frustration with the network, with some voices even proclaiming Cardano as “dead.”
Why This Matters
The Voltaire era ushers in a new age of Cardano, characterized by a decentralized, inclusive, and transparent governance. The Chang Hard Fork is a pivotal milestone in Cardano’s journey toward genuine decentralization and could potentially restore investor confidence in ADA once it is set in stone.
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Cardano (ADA) Tumbles 9% Despite Looming Chang Hard Fork
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