Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto

Cardano, one of Ethereum’s main competitors, is gearing up for further decentralization through its Improvement Proposal (CIP-1694),  which is expected to bring the  Ethereum-killer altcoin into a new era of governance with decentralization in its decision-making. 

Charles Hoskinson, founder and CEO of Cardano,  said in a recent YouTube video that CIP-1694 will further decentralize ADA, setting an example for other cryptocurrencies in the ecosystem. 

Also read: Hong Kong leaves the door open to Ethereum killers Cardano, Solana, AVAX, MATIC and LINK

A game-changing decentralization update

Hoskinson explained how CIP-1694  is set to begin a new era of decentralization on the ADA network. The proposal is still up for discussion and items included in the upgrade will change with inputs from the developing team. 

Hoskinson said decentralization is at the heart of the update. “Cardano is poised to emerge as an innovative and community-driven blockchain,” he said, adding that the improvement in the network  will set an example for competitors in the cryptocurrency ecosystem. 

The CIP-1694 upgrade will probably be released in July, Hoskinson said.  

The Ethereum-killer blockchain noted a consistent increase in its development activity and adoption throughout 2023. Hoskinson’s latest comments about Cardano’s update fueled a bullish thesis for ADA in the shortterm. Meanwhile, Cardano’s rollout for Hong Kong retail traders through crypto exchange OKX is another bullish catalyst that could drive a recovery in the altcoin’s price. 

Hong Kong opens to Cardano and other Ethereumalternatives

OKX exchange, a leading crypto trading platform, included Cardano alongside another fifteen digital assets that will be available  for Hong Kong’s retail traders. 

Through OKX, users will be able to buy, sell and convert through the mobile application, as well as engage in peer-to-peer trade or third-party providers like ApplePay, Visa and Mastercard. 

As the narrative of “Hong Kong-induced crypto rally” catches on, Cardano could witness an increase in adoption and on-chain activity as Hong Kong-based retail traders have access to ADA across exchange platforms.