Cardano Chang Hard Fork Officially Launches, Here's ADA Price Reaction

Bittime - Cardano has finally launched its long-awaited hard fork, the Chang Hard Fork. 

This development takes the Cardano blockchain to a higher level of decentralization, where the community now has the power to make decisions regarding the network.

What is Chang Hard Fork?

The Chang Hard Fork is a major step in the evolution of Cardano, named “Chang” in honor of Phil Inje Chang, the visionary behind Voltaire at IOHK. 

With this hard fork, Cardano's new governance model was introduced, removing the power of the Cardano Foundation, Input Output Global (IOHK), and Emurgo to exclusively decide about the implementation of a hard fork or other major upgrades. 

Instead, that power is now in the hands of the ADA community.

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ADA Price Reaction Post Hard Fork Launch

Although the Chang Hard Fork is considered an important milestone for Cardano, ADA price did not show any significant increase. According to CoinGecko data, the price of ADA actually fell by almost 3% in the 24 hours after the launch of this hard fork. 

This phenomenon is often referred to as “sell-the-news,” where investors sell assets after big news is released, resulting in a drop in price.

Hard Fork Implementation Stages

Implementation of the Chang Hard Fork is carried out in two phases. The first phase, which is already underway, introduces a constitutional committee tasked with overseeing the governance transition. 

The second phase will be launched in approximately 90 days, which will see the full implementation of the new governance body.

Conclusion

Although the Chang Hard Fork was a huge achievement for Cardano and gave more power to the community, the market reaction saw a decline in ADA prices. 

This shows that while technology and decentralization are important, market sentiment and overall conditions also have a major influence on crypto asset prices.

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