Cardano will completely change over the next ninety days into a community-led governance model run under an interim committee. The second stage of the Chang hard fork will pass entirely control over to its new governing entities at the end of the 90 days: a constitutional committee, delegate representatives, and staking pool operators.

Cardano says, “The goal of the first stage is to ensure security and continuity during the governance bootstrapping phase, allowing [delegate representatives] to register and campaign for delegation while developing and ratifying a final constitution by early 2025.” 

Although Cardano occasionally stood in the top 5 cryptocurrencies by market capitalization, recent dynamics have been less than beneficial for the token, which dropped out of the top 10 last month as TRON’s TRX token and Telegram’s Toncoin have soared.

“When I reflect back at where we started as an ecosystem it was just an idea…we’ve grown tremendously throughout the years. There’ve been ups and downs, there’s been a lot of disappointments, but now we are here,”, Hoskinson said in a video uploaded to X, “Now we are here today…a day whereby every holder of ADA stands shoulder to shoulder as equals, and they all have a say in the future, not just of this protocol, but what this protocol can do for everyone in the world.”

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