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- Charles Hoskinson highlights upcoming upgrades to the Cardano blockchain, including the Chang hard fork and the Ouroboros Leios consensus mechanism.
- Amid major criticism recently towards Cardano, the ADA price has come under short-term pressure slipping all the way to $0.55.
While defending the recent attacks on the Cardano ecosystem, co-founder Charles Hoskinson has pointed out the two major upgrades coming at the Cardano blockchain. This includes the Chang hard fork and the Ouroboros Leios consensus mechanism.
Speaking on the development, Hoskinson said: “Seeing all the dunking on Cardano makes me smile a bit. We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community”.
Set for the second quarter of 2024, the Chang hard fork shall grant ADA holders voting rights on proposals, a significant step forward in Cardano’s decentralization journey. This upgrade will empower ADA holders with greater influence over the governance of the Cardano network.
Simultaneously, the Ouroboros Leios upgrade aims to enhance transaction efficiency and scalability. By leveraging the Ouroboros Leios consensus mechanism, Cardano anticipates bolstering its transaction processing capabilities while maintaining decentralization principles intact, as reported by Crypto News Flash.
Hoskinson’s remarks, seemingly aimed at critics of Cardano, surfaced shortly after Grayscale Investments made the decision to eliminate ADA from its Crypto Large Cap Fund. Grayscale characterized the removal of ADA as a “rebalancing” action, involving the sale of the token to acquire other components for the fund.
Certain skeptics of Cardano have construed Grayscale’s action as indicative of the project’s gradual decline. Prior to this move by the asset manager, a research firm in January asserted that the Cardano network lacks significant utility, a factor that casts doubt on ADA’s future prospects.
Charles Hoskinson Dumps Short-Term Narrative
Yet, in his April 7th communication, Hoskinson endeavored to challenge the prevailing notion that Cardano is nearing its demise. While commending Cardano’s advancements and its impeccable track record of over 2,300 days without any failures, Hoskinson voiced his frustration with the prevalent narrative shaping within the crypto sphere. Hoskinson stated:
“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation. AI has the same issue. A few months ago, Open AI dominated everything, then Claude 3, now we got Grok 1.5, and soon Llama 3″.
Caqrdano’s native cryptocurrency ADA has recently come under selling pressure tanking 6.6% in the last 24 hours and currently trading at $0.5776 with a market cap of $20.5 billion.
In a recent analysis, cryptocurrency expert Ali Martinez has identified similarities between the present price movement of Cardano (ADA) and a pattern observed from 2018 to 2021. Martinez proposes that if this fractal pattern continues, ADA might experience a consolidation phase within the $0.55 to $0.80 range in the coming weeks.
Martinez predicts a subsequent rise in ADA’s price to reach $1.70. After this potential upward movement, another consolidation period is foreseen, setting the stage for a possible breakout towards the $5 level. As per the Crypto News Flash report, a strong whale activity in Cardano hints at a potential comeback.
Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F
— Ali (@ali_charts) April 9, 2024
