The price of Cardano (ADA-USD) is down in today’s trading despite completing its Chang upgrade, which will allow ADA holders to help decide the network’s future. This update, which happened on September 1, brings in new features such as on-chain voting and Delegate Representatives (dReps) while also improving smart contracts and setting up a new way to manage the network.
Now, ADA holders can either vote directly on important issues or let trusted representatives (dReps) vote for them. In addition, the network’s governance is being handed over to new groups like the Constitutional Committee and Stake Pool Operators from Cardano’s founding teams.
This change will roll out in two phases: the first phase, which has already started, will set up a temporary committee to keep things stable, while the second phase will give full control to these new groups starting in early 2025.
Along with these changes, the upgrade also allows for new voting methods using Plutus scripts, which will make it easier to support things like Decentralized Autonomous Organizations (DAOs).
Can ADA Reach $5?
Using TipRanks’ technical analysis tool, the indicators seem to point to a negative outlook. Indeed, the summary section pictured below shows that five indicators are Bullish, compared to four Neutral and 13 Bearish indicators.
