Cardano Chang Upgrade to Launch on September 1, Whales Accumulate $ADA

• The Chang hard fork marks the arrival of Cardano's last roadmap phase and brings on-chain governance functionality to the network.
• Binance confirmed the upgrade will launch on September 1.
• Whales are accumulating Cardabo ($ADA) in anticipation of a price rally.

Cardano's biggest upgrade in two years, the Chang hard fork, was scheduled to launch last week. However, Cardano founder Charles Hoskinson announced a delay on his X account, explaining it with partners like Binance not taking the upgrade seriously.'

Today, Binance confirmed the Chang upgrade will go out on September 1. Let's unpack what this upgrade means for Cardano.

A New Era for Cardano

The Chang hard fork is a significant event in Cardano's roadmap and the most anticipated since the smart contract addition in 2021. A hard fork is a major upgrade that invalidates older versions of the blockchain.

Chang's goal is to facilitate on-chain governance on Cardano. Holders of the chain's native token, $ADA, will be able to elect Delegate Representatives (dReps) and vote on development proposals to shape the platform's future.

This would support Cardano's ethos of transparency and openness described in peer-reviewed academic research.

In June, the Cardano Foundation highlighted its first step towards community-run governance outlined in improvement proposal 169, marking the start of Cardano's Voltaire era, the last of the five on the roadmap.

Chang Hard Fork To Launch on Sunday

After a week-long delay, Chang hard fork will launch on September 1, Binance confirmed in a blog post.

At approximately 20:45 UTC, the exchange will suspend deposits and withdrawals of tokens on Cardano to prepare for the upgrade and avoid technical complications.

The upgrade's implementation won't impact trading. Binance didn't specify when deposits and withdrawals would resume.

Chang Hard Fork: A Catalyst for $ADA Growth?Cardano currently is the 19th-largest blockchain by Total Value Locked (TVL), and its native token, $ADA, ranks 11th among all cryptocurrencies by market cap.

Although Cardano's TVL dropped by nearly 13% last week, likely due to uncertainty around the upgrade, Chang hard fork's release will likely boost the network's growth.

$ADA is down 7.27% last week, now trading at $0.3563. Although that's a significant rebound from $0.2877 recorded on August 5, the Crypto Black Monday, $ADA remains far from its 2024 peak of $0.7742.

On a good note, $ADA saw a spike in whale activity on August 27, with 89 transactions of over $100K each.

Large-scale investors could be accumulating $ADA in anticipation of a price rally after the upgrade.

Closing Remarks

The Chang hard fork is crucial to Cardano's decentralization and community governance.

Despite the setback, the successful implementation of the upgrade will be a significant milestone for Cardano, potentially boosting its growth and attracting more developers and investors.

ReferencesClick to expand and view sources

• Charles Hoskinson (X)
• The Basics of CIP-1694 (Cardano Improvement Proposal) (Emurgo)
• Binance Will Support the Cardano (ADA) Network Upgrade & Hard Fork (Binance)
• Largest Blockchains in Crypto Ranked by TVL (CoinMarketCap)
• Cardano (CoinMarketCap)
• Cardano (Santiment)

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