Layer-1 blockchain network Cardano was upgraded through the long-awaited Chang hard fork, transitioning to decentralized governance. A Brazilian judge suspended the social media platform X after Elon Musk failed to appoint a legal representative in the country. Additionally, Mt. Gox and the US government may add approximately $15 billion in Bitcoin selling pressure in September.
Upgrade on the Cardano Network
Cardano successfully completed the eagerly anticipated hard fork, introducing upgrades to voting mechanisms and smart contracts, heralding a new era of decentralized governance. At block number 10764778, Cardano underwent the Chang upgrade, initiating the period the project calls the Conway ledger era.
One of the main changes transforms Cardano governance, allowing any ADA holder to participate in or engage in the voting process for governance actions as part of the project’s Voltaire upgrade phase. The Cardano Foundation wrote in a post on X on September 2:
“Today’s Chang hard fork process marks a significant milestone for the Cardano ecosystem and community, fulfilling the promise of a truly self-governing, decentralized network.”
Controversial Decision in Brazil
On August 30, Brazilian Supreme Court Judge Alexandre de Moraes ordered the suspension of the social media platform X in the country after owner Elon Musk refused to appoint a legal representative for the firm. According to a report by the Associated Press, Moraes carried out the suspension after X’s Global Government Affairs team stated it would not comply with Moraes’ illegal orders to censor his political opponents.
Musk openly criticized Moraes, calling him bad and a dictator for the alleged illegal political censorship. Moraes claims he is investigating the social media platform for allowing the spread of misinformation related to former President Jair Bolsonaro.
Worrisome Process for Bitcoin
In the Bitcoin sector, the selling process could continue until September, with Mt. Gox and the US government potentially adding around $15 billion in additional selling pressure. Nearly $14.8 billion worth of Bitcoin could soon flood the market, creating further downward pressure on the price.
The US government holds over 203,000 Bitcoin worth $12.1 billion, while the bankrupt crypto exchange Mt. Gox is preparing to distribute another 46,000 Bitcoin worth more than $2.7 billion. Mt. Gox plans to distribute $2.7 billion to Kraken before the end of 2024, but according to a report by crypto analytics provider Kaiko on August 29, the repayments are unlikely to have a significant impact on the market:
“Kraken handled Bitcoin ETF flows with only a small slip increase at the US market close. The liquidity profile suggests that any additional selling pressure from Mt. Gox repayments is unlikely to lead to structural issues affecting the broader market.”
