Cardano entering the governance phase is honestly quite a subtle matter. Founder Charles Hoskinson, together with his tech company IOHK, has indeed finished all the work they were supposed to do—most of the promises made back then have basically been fulfilled, and from now on, their task is routine network maintenance.

But here’s the issue: IOHK essentially makes a living from development. So you can see them now shifting their focus to new projects like Midnight, partnering with others to create new stories—this logic actually makes sense. But looking at it from another perspective, if Charles’s team really shifts its focus, will ADA’s path ahead become a bit tougher?

I think you can understand it like this: Cardano is like a game product that Charles spent eight years perfecting. Now the game is launched, players are supposed to play and spend money, and the development team naturally has to think about how to make their next title. This doesn’t mean abandoning the old project, but there will inevitably be changes in resource allocation and attention.

To put it bluntly—ADA’s glory days may be becoming history. Of course, this is just a speculation based on the current situation; no one can say for sure where the market will go.