From Record Highs to Lows: Cardano's Chang Hard Fork and its Impact on ADA Transactions
Any significant changes in the Web3 industry, whether in projects related to areas like Play-to-Earn (P2E), SocialFi, Decentralized Finance (DeFi), centralized exchanges (CEX), memes (MEME), and others, are essential events that reflect market trends and dynamics. Before major changes, sharp spikes, significant drops in user activity, and fluctuations in supply and demand are often observed. These fluctuations are inherent in the dynamic Web3 world and can significantly impact interest in specific projects and their markets.
In today’s news article, Coinmooner will focus on one significant update. We want to discuss the upcoming Cardano network hard fork, Chang, which promises improvements in decentralization. However, despite these promising changes, there is a decrease in transaction activity and a drop in the price of ADA tokens. At the same time, the network continues to develop its governance and actively increase the number of partnerships, indicating its commitment to further progress and growth.
According to the latest data from IntoTheBlock, in November 2021, the Cardano network reached a record high of 1.85 million transactions when ADA was priced at $1.66. Since then, the native blockchain token has significantly decreased in value, falling to $0.40. Additionally, the number of transactions on the network has also decreased. As of July 17 this year, there were only 42,600 transfers recorded on the blockchain, showing a significant drop in activity compared to previous periods.
Cardano's Latest Upgrade: What the Conway Ledger Means for the Future of Blockchain
CoinMooner understands that details and nuances are essential in the Web3 industry and might not always be evident to the general audience. That’s why Coinmooner has decided to give a more detailed overview of the Cardano platform and refresh knowledge about its recent major update. Cardano is a blockchain platform designed to support the creation of decentralized applications and smart contracts, focusing on security and scalability. It was founded by Charles Hoskinson, also a co-founder of Ethereum, and officially launched in September 2017. Since then, Cardano has established itself as one of the most ambitious and innovative platforms in the cryptocurrency world.
The Cardano project was developed by Input Output Hong Kong (IOHK), where Charles Hoskinson is one of the key founders. Unlike many other blockchains that often use intuitive development approaches, Cardano uses a scientific method. This includes academic research and code review to ensure high reliability and security. This approach provides more thorough testing and verification, allowing for a robust and efficient platform.
Currently, Cardano is actively moving forward with significant changes in its governance. The blockchain system has introduced a new governance mechanism, forming a Temporary Constitutional Committee (ICC) and selecting new members for the Decentralized Sovereign Body (DS). In early July, Charles Hoskinson introduced the Cardano Node 9.0.0 update, which he says will lay the foundation for a new Conway Ledger era. This update includes numerous improvements and innovations to expand the network's capabilities greatly.
In addition, the Cardano network is actively expanding its presence in Latin America. Recent partnership agreements have been made with several companies in Argentina and the National University of Buenos Aires. These steps aim to promote blockchain adoption and expand its use in the region. Such partnerships highlight Cardano's commitment to global development and strengthening its position on the international stage.
Coinmooner will closely monitor developments and updates in the Cardano network. We also remind our readers that in the Web3 world, it’s important to stay vigilant and take all possible measures to protect your finances. Advanced security methods will help minimize risks and ensure the safe protection of your assets in this dynamic and ever-changing market.
