Cardano (ADA) increased 4.13% on Friday, November 1, amid discussions about the upcoming Chang Phase 2 hard fork. Crypto users are discussing the upgrade and its potential effect on the Cardano blockchain.
ADA’s recent surge follows an upward price movement that began on October 25, after the crypto token bounced off support at $0.315. The cryptocurrency rallied over 15% to reach a $0.364 local high before pulling back. However, bullish momentum has returned to ADA as the Chang Phase 2 hard fork gains attention.
In the meantime, Cardano’s development company, EMURGO, said the second phase of the Chang hard fork will bring additional advancements to the network, building on the improvements made during the initial upgrade in September. EMURGO highlighted the updates Cardano users can expect.
💥 The Cardano blockchain’s two-part Chang Hard Fork is a significant upgrade to enhance network functionality and decentralized governance. The launch of the first phase of Chang Hard Fork brought crucial improvements such as empowering the Interim Constitutional Committee.
The… pic.twitter.com/0QPIpvZDOp
— EMURGO (@emurgo_io) October 29, 2024
The hard fork will introduce Delegate Representative (DRep) Voting, SPO Voting, and Governance Actions. It will also bring Treasury Withdrawals and an Expanded Constitutional Committee. Users expect these changes to improve the Cardano network’s efficiency and make it the most decentralized blockchain platform in the cryptocurrency industry.
Read also: Investing in Cardano: What to Expect After the Chang Hard Fork
Many crypto analysts believe the Chang upgrade is a significant development that will boost Cardano’s adoption. Users expect the upgrade to improve Cardano’s transaction speed, increasing its relevance in the DeFi ecosystem. They expect ADA’s price to increase due to a projected surge in demand.
In a recent post on X, Ali Martinez, a cryptocurrency analyst, highlighted that ADA follows a pattern similar to its 2020 trend. The analyst predicts a potential ADA pump to begin around the middle of November and continue until September 2025, when he expects ADA’s price to reach a climax.
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