The Cardano (ADA) ecosystem recently experienced substantial growth across various key metrics following the successful implementation of the anticipated Chang upgrade on September 1. Despite the bearish market sentiment affecting ADA’s price, the Cardano Foundation reported an increase in investor activity and blockchain usage. In particular, smart contract transactions surged by 31%, while metadata transactions (excluding smart contracts) grew by 20%. However, simple transactions faced a decline of 49%. Overall, Cardano recorded a total of 95.9 million transactions in August, marking a slight 1.51% increase.
The number of wallets created on the blockchain saw positive movement, rising by 0.67% to reach 4.87 million. On the other hand, the number of delegated wallets decreased by nearly 1%, totaling 1.33 million. Additionally, there was a 0.75% increase in plutus scripts, with 6,709 new smart contracts created on the platform. These new smart contracts enable developers to build secure decentralized applications without the need for intermediaries. The native tokens on the Cardano network also experienced growth, with a 0.85% increase leading to the creation of 10.3 million new tokens.
Looking ahead, Charles Hoskinson, the founder of Cardano, shared insights into the upcoming developmental and governance phases of the network post Chang hard fork. Hoskinson described the current state of the Cardano network as entering a “90-day bootstrap phase,” during which key governance components will be activated. The roadmap for the Chang hard fork includes transitioning to the age of Voltaire, where the network will achieve full decentralization. Various initiatives, such as the registration of Delegated Representatives (DReps) and the formation of an interim Constitutional Committee, will take place during this bootstrap phase.
Plans for the “Chang +1 upgrade” were announced by Hoskinson, with expectations of achieving fully decentralized governance by December 2024. In parallel, Cardano is in the process of drafting its first formal constitution, with over 50 workshops held globally to engage stakeholders. Delegates elected during these workshops will contribute to a constitutional convention scheduled for December in Argentina, where the proposed V1 constitution will be developed. Hoskinson emphasized a significant shift towards decentralization, indicating that Input Output Global (IOG) will eventually relinquish its governance role, and DReps will no longer be necessary.
Market intelligence platform Santiment highlighted a surge in address activity for ADA, with increased activity often signaling a potential rebound during price declines. Currently, ADA has seen a nearly 3% increase over the past week, trading at around $0.344 with a recent 2% rise in the last 24 hours. However, the token still reflects a monthly loss of nearly 1%.
The Cardano ecosystem has shown significant growth and development following the Chang upgrade, with a focus on smart contract transactions, governance, and decentralization. The upcoming phases outlined by Charles Hoskinson provide insight into the network’s future direction and the steps being taken to achieve full decentralization and community involvement. With increased investor activity and strategic initiatives in place, it will be interesting to see how Cardano continues to evolve in the decentralized finance space.
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