Cardano Trading Volume (ADA) Soars, Touches IDR 6.2 Trillion

Cardano crypto asset. (Photo; Doc. CoinCheckUp)

JAKARTA - Cardano token trading volume (ADA) has increased by 30 percent in the last 24 hours, reaching IDR 6.2 trillion. This spike comes amid the anticipation of the global crypto community against major updates on the Cardano network, which is expected to change the dynamics of the crypto market.

The update, known as Node Version 9.1.0, has reached 69 percent completion. This update will be the foundation for Chang's hard fork launch, an important milestone that will introduce a more sophisticated on-chain decision-making mechanism on the Cardano network. Currently, the community is only waiting a little more than 70 percent of Cardano's validator, otherwise known as Stake Pool Operators (SPOs), updating their node to the latest version before Chang's hard fork can be launched.

Recent data from CoinGlass shows that ADA's trading activity in everyday futures is rising sharply, with a total turnover of US$408.53 million (around Rp6.2 trillion). In addition, ADA's spot trading volume also recorded an increase of 5.54 percent, reaching 337.77 million US dollars (approximately Rp5.1 trillion). Overall, Cardano's total turnover in all markets reached around US$1 billion (approximately Rp15.3 trillion).

Interest in Cardano continues to rise as Hard fork Chang advances. Many market players and investors look forward to the impact of this update on ADA's performance in the global market. Hard fork Chang is part of the Cardano transition to the Voltaire era, which will introduce more decentralized on-chain governance and allow ADA holders and stake pool operators to participate in decision making through an on-chain voting mechanism.

Node 9.1.0, as the latest version of Cardano's validator software, includes Conway's genelical file needed to cross Chang's hard fork limit. In addition, this update also fixes some bugs and improves network stability. By hitting a 70 percent threshold of the validators who update their nodes, Chang's hard fork launch will soon be made, bringing significant changes to Cardano's governance and network operations.