Cardano (ADA) has faced a challenging day, dropping 4.5% in the last 24 hours, alongside a 1.7% decline in the total crypto market cap. This downturn comes as the Cardano community reacts to a leaked proposal requesting 200 million ADA tokens, equivalent to $74.3 million. The backlash has intensified following the postponement of the Chang hard fork upgrade. The proposal's leaked details revealed that the venture capital group 3UTxO intended to request this amount once the Voltaire upgrade was live. Given that the Cardano treasury lacks sufficient funds to support such a request, the community’s concern is heightened.

Charles Hoskinson, Cardano’s founder, explained that the postponement of the Chang hard fork upgrade to September 1 is to allow for completion of necessary updates. The proposal's approval, if unnoticed, could have further negatively impacted ADA's price, which is currently down due to overall market retracement. Santiment data shows Cardano's inflation rate has dropped to 0.42%, the lowest since June 6.

Futures traders are increasingly shorting ADA, with $2 billion at risk of loss if the price falls. Coinglass data highlights a significant sell wall at $0.379, while the buy wall is shrinking. ADA may find support between $0.355 and $0.367, and $0.331 to $0.347. If ADA falls below these levels, over $2.3 billion worth of Cardano could be lost, as indicated by IntoTheBlock and Coinalyze data. The increase in open interest.