Cardano has officially moved into its next phase, the Voltaire era, with the Chang hard fork taking place on September 1. This upgrade is all about governance—giving more power to ADA holders and letting them take charge of decisions that affect the entire network.

A part of the transaction fees goes into a treasury, which funds projects that get the green light from the community. Voltaire is the last piece of Cardano’s roadmap puzzle.

First up, the Constitutional Committee (CC) will serve as a temporary governing body. They’re like a babysitter, keeping things in check until the community is ready to take over fully.

Then, there are the Delegate Representatives (DReps), elected by ADA holders to voice their opinions on network governance. And let’s not forget the Stake Pool Operators (SPOs), who have a role in making sure everyone’s interests are represented.

The upgrade rolls out in two stages. Phase One, which kicked off with the Chang upgrade, is all about setting the stage. DReps can start signing up and gathering support to represent ADA holders. 

During this phase, the interim committee keeps an eye on things, which will last around 90 days. After that, in Phase Two, the real action starts.

Power goes to the DReps and SPOs, who will then make decisions on big-ticket items like constitutional amendments and other crucial governance issues.

One of the more dramatic aspects in this transition is the burning of the genesis keys from the Shelley era. For those not in the know, these keys are basically what gave the founders control over the network.

The community has already started getting involved. Just a day after the Chang upgrade, about 45 DReps have thrown their hats in the ring.

But not everyone is throwing a party about this change. The market’s reaction has been a bit of a downer. After the upgrade, ADA’s price took a hit, dropping over 4%.

Sure, this dip mirrors some broader market trends, but it’s a reminder that not all innovations immediately win over investors. ADA’s market cap took a knock, pushing it out of the top 10 cryptos.

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