Cardano founder reveals where the project is headed as ADA metrics go green

Charles HoskinsonCardano’s founder, has provided key insights into the upcoming phases of Cardano’s development and governance and its Chang hard forkWith these plans in place, ADA, the native token of the Cardano ecosystem, has also experienced a significant increase in a new metricindicating increased investor interest and confidence.

Upcoming developments on the Cardano network

In a recent YouTube videoHoskinson revealed that the Cardano network is currently in a key stage, which he describes as a “90-day bootstrapping phase,” where essential components of the network’s governance framework will be progressively activated. The Cardano founder provided a detailed update on the Chang’s Hard Fork Roadmaphighlighting how the network will progress through the intermediate and start-up phases to finally transition to the The age of Voltaire.

He also stressed the importance of the start-up phase, noting that during this initial phase, the registration of Delegated Representatives (DReps) and the appointment of interim representatives will be carried out. Constitutional Committee will also begin to take shape. Hoskinson also announced that after the bootstrap phase, Cardano will launch the “Chang +1 upgrade”, at which point the network Achieving fully decentralized governance.

He revealed that Cardano will also implement tripartite governance consisting of three parties including the DReps, the Constitutional Committee, and the Staking Pool Operators (SPO)This transition is expected to occur around December 2024, depending on the 90-day lead time for the Chang plus one upgrade.

Around the same time, Cardano will enter its final phase of Total decentralizationwith a Genesis node and significant improvements to the network as a whole. Hoskinson has revealed that while this stage is underway, Cardano will be developing its first formal constitution.

He revealed that this initiative is already underway, with over 50 workshops held in different countries to discuss and draft the constitution. Each workshop will elect a singular delegate, who will collectively form a constitutional convention, where the Cardano team will meet in Argentina this December. The Cardano founder also revealed that during the convention, the “proposed constitution V1” will be developed.

Hoskinson also noted that Cardano’s treasureCardano, which is currently worth around $600 million in ADA, will undergo an annual budgeting process aimed at addressing ecosystem needs including marketing, development, and more. In a major shift, Cardano’s founder emphasized that the network will move towards greater decentralization, at which point, Input Output Global (IOG) will end its governance role within Cardano and DReps will no longer be available.

All these changes will have a significant and positive impact on the Cardano Networkfacilitating the development of its new governance and marking a historic milestone in the ecosystem.

ADA address activity hits an all-time high

While developments for Cardano Governance And Chang’s update is underway, market intelligence platform Santiment on X (formerly Twitter) has revealed. mail That native token of Cardano, ADARecently, it has seen a significant increase in address activity. Historically, when crypto assets have seen a continued decline in value, it often indicates a strong probability of a price rebound.

Recently, ADA has been performing relatively well despite the declining market share and the price of Bitcoin (BTC). At the time of writing, Cardano is trading at $0.328, reflecting a 2.38% increase over the past 24 hours and a 5.12% increase over the past week, according to CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com