Market
Cardano Voltaire Upgrade Explained
Cardano sets the stage for Voltaire, the final part of its roadmap to achieve a fully decentralized blockchain ecosystem.
This upgrade introduces a voting and treasury system, allowing stakeholders to influence the platform’s future development.
Cardano Voltaire Upgrade Approaches
Cardano’s development phases, or “eras,” are named after prominent figures in poetry and computer science, such as Lord Byron, Percy Bysshe Shelley, Joseph Goguen, Matsuo Bashō, and Voltaire. The initial three stages introduced a basic blockchain, decentralization, and smart contracts.
The recent Bashō era focuses on scaling the blockchain, while the final era, Voltaire, introduces governance, voting, and treasury management functionality. The upcoming Chang fork, rumored to be scheduled for this month, will set the stage for the “Age of Voltaire.” In a Sunday post on X, Cardano founder Charles Hoskinson highlighted that this upgrade will transform the network into a fully decentralized blockchain ecosystem.
“It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the entire world with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us,” Hoskinson said.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Per the project’s roadmap, the event will mark the final phase of the ecosystem’s multiyear program, conferring the blockchain from the hands of the Cardano development company IOHK to that of community members. To achieve this, voting and treasury systems must become operational. Once these systems are active, the community will steer Cardano toward a more secure, decentralized ecosystem.
Cardano Node is upgrading to version 9.0 this month as it approaches the hard fork to reach this goal. According to Hoskinson, the network is “Chang fork ready” and only awaits 70% of the system’s stake pool operators (SPOs) to install the new node. This is the final step before the hard fork, which will pave the way for the new era.
The Chang fork will introduce essential tools and infrastructure to support this new phase. This will enable the Cardano blockchain to achieve self-sustainability, empowering network participants, including ADA holders, with governance authority. They can propose and vote on Cardano improvements using the existing staking and delegation process.
During the Voltaire era, the Cardano blockchain will also implement a treasury system funded by a portion of all transaction fees. These funds will be allocated to network development projects selected through voting. Before the upgrade, the community must test all the new governance features detailed in Cardano Improvement Proposal (CIP) 1694.
Possible ADA Price Implication Amid Cardano Upgrades
Cardano’s future includes the Ouroboros Leios upgrade, which aims to enhance transaction efficiency and scalability. Thisis part of a broader commitment to maintaining Cardano’s competitive edge in the blockchain arena. Together, these upgrades will enable the network to handle increased transaction volumes while remaining decentralized.
The improvements could positively impact the ADA price by influencing market sentiment. Upgrades that enhance scalability, security, or functionality boost investor confidence, increasing buying interest and potentially driving the asset’s value.
“Cardano’s evolution shows intention, as the Chang Hard Fork is a decade-old development push. The fork will prove Hoskinson’s long-held point: Cardano — currently, one of the most criticized blockchains — is built for the community. From claims of centralization to decentralization via Chang’s hard fork to the new Leios-backed upgrades, Cardano is set up for significant progress. The upside might be tied to increased demand for ADA, potentially leading to a surge in price in the long term. Fueled by these upgrades, we are likely to see a bullish case scenario of a $1.5 price target by the year’s end,” Taha Abbasi, CTO at Ferrum Labs, told BeInCrypto.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
At the time of writing, ADA is trading at $0.4285. In the last 24 hours, the altcoin has declined over 5%, reflecting the broader market’s bearish sentiment.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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