The Cardano ecosystem is undergoing a significant transformation as it prepares for the highly anticipated Chang hard fork. In a recent announcement, the Cardano Foundation has unveiled its new governance role, paving the way for a more decentralized and transparent decision-making process within the network.

The proposed governance model aims to foster a robust and inclusive framework, ensuring the long-term success and integrity of the Cardano ecosystem. The foundation has revealed its participation in the Interim Constitutional Committee (ICC) election, a crucial step in the transition towards a decentralized governance structure.

The ICC will have the authority to approve protocol parameter changes independently and collaborate with stake pool operators (SPOs) on hard forks. Additionally, the ICC will manage governance actions, ensure transparency and fairness, support initial governance structures, and guide the transition to a fully established Constitutional Committee.

The Cardano Foundation has voted in the ICC election, considering factors such as community engagement, transparency, technical expertise, and commitment to Cardano. The ranking candidates include the Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone.

The foundation has maintained transparency throughout the process, with the stake of 20 million ADA used in the voting process being trackable through pool.pm.

As the Cardano ecosystem prepares for the Chang hard fork, the price of ADA has seen a slight decline, with the token trading at $0.379 at the time of writing. The 24-hour trading volume has increased by 10%, indicating a rise in interest among traders. However, the Cardano futures open interest has been on a downward trend, with a 2.84% drop in the last 24 hours to $202.46 million.

This transition towards decentralized governance marks a significant milestone for Cardano, as the network aims to empower its community and ensure the long-term sustainability of the ecosystem. Cardano enthusiasts and investors will be closely monitoring the implementation of this new governance model and its impact on the network's development and adoption.