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Why Charles Hoskinson is Bullish on These Two Cardano Upgrades

2 mins
Updated by Harsh Notariya
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In Brief

  • Charles Hoskinson bullish on Cardano's Chang hard fork and Ouroboros Leios, expecting network improvements.
  • Chang hard fork to enhance Cardano's governance, Ouroboros Leios aims for better transaction efficiency.
  • ADA's price stability noted, with potential rise if it surpasses $0.5963 resistance; critiqued by Ben Armstrong.
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Charles Hoskinson, the co-founder of Cardano (ADA), is enthusiastic about two significant upgrades, i.e., the Chang hard fork and the Ouroboros Leios consensus mechanism.

These enhancements aim to refine Cardano’s infrastructure, responding to the growing demands of the blockchain community.

Will Cardano (ADA) Surge Amidst Anticipation of Major Upgrades?

Hoskinson’s optimism stems from Cardano’s strategic development plan. The Chang hard fork signifies a major shift towards community-driven governance.

It aims to empower ADA holders with voting rights, marking a move towards a more decentralized network. This upgrade is a key part of Cardano’s journey towards a democratic and inclusive blockchain environment.

Moreover, the Ouroboros Leios upgrade is set to boost transaction efficiency and scalability. This advancement is crucial for maintaining Cardano’s position in the competitive blockchain ecosystem. It ensures the network can manage increased transaction volumes while staying decentralized.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

“We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community. Chang is coming soon as measured by progress on SanchoNet. Ouroboros Leios is the biggest step forward towards solving the blockchain trilemma ever,” Hoskinson declared.

The financial perspective is equally compelling, especially regarding ADA’s price movements. After a 30% decline since mid-March, ADA has stabilized, oscillating between $0.5963 and $0.5591.

If it breaks the resistance at $0.5963, an 8% surge to $0.6352 is possible. However, if ADA cannot surpass the $0.5963 resistance, it may retract to the $0.5591 support level.

Cardano (ADA) Price Performance. Source: TradingView

Hoskinson’s discussion around Cardano’s potential was primarily a response to criticism from Ben Armstrong. He is a notable crypto influencer who speculated on the vitality of Cardano, comparing it against competitors like Solana, which he perceived as more dynamic and successful in terms of user engagement and market activity.

“The facts are there are lots of coins passing by ADA, we gotta start asking the questions why. The numbers compared to other chains are not fantastic. It scares me to see these other chains blowing up and getting a lot of recognition,” Armstrong said.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

The narrative around ADA gained another layer when Grayscale Investments removed it from its Digital Large Cap Fund. This action, part of a portfolio rebalance, reflects the changing investor sentiment towards ADA. It highlights the importance of ADA’s market performance in attracting institutional and retail investors.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.