Cardano (ADA) Holders Now in Control of the Blockchain Network's Governance

With the Chang hardfork going live, ADA holders will be in control of Cardano's governance thereby voting on key development projects and electing representatives.

Cardano (ADA) has finally completed the much-anticipated Chang hardfork. This marks the beginning of the Voltaire era on the blockchain, which will see ADA holders take control of Cardano's governance.

According to an official blog post on Sunday, September 1, Cardano has officially begun transferring control of its $13 billion blockchain to the holders of the native ADA coins. This move will see three user-led governance bodies being established, including the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).

As a result of this hardfork, the Cardano Foundation, Input Output Global (IOHK), and EMURGO will no longer hold the keys to bringing further hardforks or chain upgrades. Instead, a majority vote from the ADA community will now be required for any future changes to the blockchain.

The first phase of the Cardano Chang Hardfork will introduce the Interim Constitutional Committee and limit the power of earlier committees to change the blockchain's code. The second phase will be implemented in the next 90 days and will fully empower the new governance bodies.

ADA Price Disappoints

The broader market correction has also impacted ADA, which slid 5% to $0.3281 while its market cap fell below $12 billion. Despite a 68% increase in daily trading volume for ADA, weekly losses have reached 13.3%.

Despite the successful launch of the Chang Fork, Cardano's ADA price has fallen. The decline may be attributed to broader market conditions, profit-taking, increased competition, and regulatory concerns. Although the fork represents a significant milestone, its effect on ADA's price may not be immediately evident.

In recent weeks, Cardano's ADA has lost the 10th spot to Tron's TRX amid its poor performance.