Cardano Founder Reacts to Backlash Over ADA Price Fall Post-Hard Fork

Charles Hoskinson, the founder of Cardano, recently engaged in a conversation regarding the poor price performance of ADA post-hard fork.

Recently, Bitcoin advocate Cory Bates criticized Cardano’s ADA token for experiencing a price decline while other tokens like Bitcoin, Ethereum, XRP, and BNB surged.

Bates’s criticism came after the implementation of the much-anticipated Chang hard fork. He shared a chart illustrating the performance of the top-ranking assets, among which ADA notably lagged, trading in the red.

In parallel, Bates sarcastically questioned why market participants were not purchasing what he referred to as a “pre-mined air token,” in an apparent reference to Cardano.

Hoskinson responded by asking what exactly an “air token” was, dismissing the critique.

What the hell is an air token?

— Charles Hoskinson (@IOHK_Charles) September 2, 2024

Notably, Cardano’s price fell by 1.30% in the last 24 hours and 11.83% in the past week, bringing the current price to $0.3169.

Price Decline and the Chang Hard Fork

Following the Chang hard fork on September 1, the price of ADA experienced a notable decline rather than the expected surge ADA enthusiasts had hoped for from the crucial event.

According to reports, the upgrade led to a “sell the news” event, where several crypto whales took the opportunity to offload substantial amounts of ADA.

This contributed to the continued price drop following the event. Despite hopes for a price rebound, the upgrade did not yield the expected upward momentum.

The criticism notably came after Hoskinson outlined the next steps for the Cardano blockchain following the Chang hard fork. He emphasized the critical role of the network’s bootstrap phase in establishing the newly activated governance system under Cardano Improvement Proposal (CIP) 1694.

What Next After Cardano Hard Fork

Hoskinson emphasized that the governance framework introduced with the Chang hard fork involves multiple parties. Stake pool operators, delegated ADA holders, and a newly formed constitutional committee now play critical roles in the network’s governance.

He further explained the importance of the bootstrap phase, which is essential for successfully setting up and stabilizing the new governance mechanisms. This phase ensures that all components of CIP-1694 are functioning as intended, laying the groundwork for the more advanced governance features to come.

Hoskinson also revealed that another hard fork, referred to as Chang+1, is scheduled to occur within the next 90 days. This update is expected to further enhance the governance mechanisms currently being implemented.

A key feature of Chang+1 will be the activation of decentralized representatives, which Hoskinson described as a step towards achieving a “full Cardano government.” These representatives will play a vital role in the network’s ongoing governance and decision-making processes.

Preparations for the Chang+1 hard fork are already underway, with the Cardano team focused on ensuring a smooth transition to this next phase. According to Hoskinson, the successful implementation of Chang+1 will represent a major milestone in Cardano’s journey toward a fully decentralized governance model.

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