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

Charles Hoskinson shared an update on the development of CIP-1694 network upgrade in a recent YouTube video.
Hoskinson said the proposal is likely to be rolled out in July, decentralizing ADA further and setting an example for competitors.
Cardano ranks among cryptos open for retail trade in Hong Kong, through OKX’s exchange platform, driving a bullish sentiment among holders.

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.

Cardano Update https://t.co/9UFaQyPJ3y
— Charles Hoskinson (@IOHK_Charles) May 25, 2023

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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.