Market
Charles Hoskinson Reveals Future Plans After Cardano Hard Fork
Cardano (ADA), the layer-1 blockchain, has officially launched its Chang hard fork. This milestone marks a remarkable shift toward decentralized governance.
Late Sunday, the governance of the $13 billion blockchain began transitioning to its ADA token holders. The Cardano community had long anticipated this change.
First Phase of Cardano Chang Hard Fork
With the Chang upgrade now active, ADA holders gain the ability to elect governance representatives and vote on crucial development proposals.
“Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community—fulfilling the promise of a truly self-governing, decentralized network,” the Cardano Foundation announced.
Read more: Who Is Charles Hoskinson, the Founder of Cardano?
Outlined in Cardano Improvement Proposal CIP-1694, the Chang hard fork introduces a new governance structure featuring three user-led bodies:
- The Constitutional Committee,
- Delegate Representatives (dReps), and
- Stake Pool Operators (SPOs).
Previously, the power to initiate upgrades or hard forks resided with Cardano’s three founding entities—the Cardano Foundation, Input Output Global (IOHK), and Emurgo. Now, this responsibility shifts to the newly established governance groups. On August 30, Charles Hoskinson, the co-founder of Cardano, emphasized the finality of this shift, declaring the “Genesis keys are dead.”
Cardano’s Chang hard fork will have a two-phase implementation. The first, which is already live, features an Interim Constitutional Committee.
This committee will temporarily oversee governance, ensuring a smooth transition as the rest of the governance model is implemented. Consequently, the new governance bodies will be fully empowered in 90 days.
This initiative marks Cardano as one of the first major blockchains to implement a token-based governance system, heralding what is known as the era of Voltaire. This name references the French Enlightenment writer who was a staunch free-speech advocate.
Furthermore, in an interview with BeInCrypto, Hoskinson stated that he plans to introduce a vision for “Cardano 2” in October. He will outline the potential improvements and directions for the Cardano ecosystem.
Challenges With the Decentralized Governance Model
However, while many Cardano fans celebrate this move, decentralization presents challenges. Governance bodies such as the decentralized autonomous organizations (DAOs) have faced criticism for issues such as bloated budgets and lack of adequate checks and balances. Critics also point out that power often ends up concentrated in the hands of a few.
On the other hand, the new governance model might make it challenging for regulatory bodies such as the US Securities and Exchange Commission (SEC) to label Cardano a security.
“If the SEC wants to send a subpoena to someone from Cardano, they will have to address it to all ADA holders around the world. The 3 founding entities technically no longer have any converol over Cardano,” a community account, Cardanians, noted.
Despite the hard fork, ADA’s market response was underwhelming, with a decrease of 3.72%. As of writing, ADA is changing hands at $0.331192.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
Once ranked among the top three cryptocurrencies (excluding stablecoins), ADA has slipped from the top ten by market capitalization. Other blockchains like Tron and Toncoin have flipped Cardano’s market capitalization.
Moreover, ADA remains down 89% from its all-time high of $3.09, recorded three years ago on this date. However, Hoskinson plans to focus on narratives such as decentralized social networks and artificial intelligence (AI) integrations to support Cardano regain its strong position.
“We’ve now gotten the protocol to a point where I have the ability to build protocols and applications that can change people’s lives. I’m a huge advocate of free speech, [hence] I’d love to build a decentralized social network. Also, I just recently spoke at the largest AI conference in the United States, where I talked about the challenges of merging AI and blockchain. I’d like to see a decentralized AI aligned in much the same way that we align a cryptocurrency as demonstrated by what we’ve done here with Cardano,” Hoskinson said.
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.
Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.
- Bitcoin started a decent increase above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $103,500 support zone.
Bitcoin Price Regains Traction
Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.
The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.
A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $104,500, followed by $103,500.
Major Resistance Levels – $107,000 and $108,500.
AI tokens surged on Wednesday after President Donald Trump unveiled a new joint venture to invest up to $500 billion in artificial intelligence infrastructure.
The partnership involves major players such as OpenAI, Oracle, and SoftBank and will form a new entity called Stargate.
Market Focuses on AI Coins as Trump’s Stargate Initiative Gains Traction
The Stargate Project will invest $500 billion over the next four years, building new AI infrastructure in the US. The venture will focus on developing crucial data centers and the electricity generation required to power the AI sector.
The announcement has already had a noticeable impact on the broader market, particularly in AI-related cryptocurrencies. Following the news, the market capitalization of AI tokens surged by 9%, reaching $45.83 billion at press time, according to CoinGecko.
In fact, the market cap of AI agent tokens alone rose by 13% to hit $14.9 billion.
AI agent tokens, such as Virtuals Protocol, AIXBT, and AI16Z, saw impressive gains. Virtuals Protocol rose by over 13% in the past 24 hours, while AI16Z experienced a remarkable 36% increase. AIXBT token rose by 27% over the same period.
The surge in AI tokens reflects a broader shift in market interest as investors move capital towards more “sentient” tokens.
“Capital is rotating back from static memes to sentient coins,” AI researcher S4mmy commented on Twitter.
The analyst added that Fartcoin and AIXBT are sustaining their “mindshare dominance,” but face declining market caps after a heated run. Commenting on Virtuals Protocol, he said it continues to solidify its position as a backbone of the Agentic infrastructure.
Moreover, analyst CyrilXBT said he believes “AI will create generational wealth in 2025.”
“People said Bitcoin was a joke. People said AI agents are a gimmick. Guess what else they’ll say? ‘Why didn’t I listen when generational wealth was staring me in the face?,” CyrilXBT commented.
The shift towards AI is particularly interesting, given the trend of investments a few days back. Capital was flowing into Donald Trump-related tokens, such as TRUMP and MELANIA, which have seen significant volatility.
However, BeInCrypto reported that smart money traders are now focusing on AI tokens after the hype around TRUMP faded. According to data from Nansen, a substantial amount of VIRTUAL, FARTCOIN, and AIXBT tokens are held by smart money.
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 is struggling below the $3,500 resistance while Bitcoin gains. ETH is consolidating above $3,150 and might aim for an upside break.
- Ethereum failed to gain pace for a close above $3,400 and $3,450.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it clears the $3,400 resistance level.
Ethereum Price Aims Key Upside Break
Ethereum price started a decent upward move from the $3,200 level but upsides were limited compared to Bitcoin. ETH cleared the $3,250 resistance to move into a short-term bullish zone.
The bulls were able to push the price above the $3,300 resistance zone. Besides, there was a clear move above the 50% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low. However, the bears are still active below $3,400.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level or the 61.8% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low.
There is also a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,445.
A clear move above the $3,445 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 $3,720 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,400 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.
A clear move below the $3,250 support might push the price toward the $3,200 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,200
Major Resistance Level – $3,400
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