Any finance-oriented industry will need to undergo constant development, changes, and face new competitors. In the cryptocurrency world, that situation is no different, although things are done a bit differently. Monero, one of the more popular altcoins, has undergone another major fork, which makes the project further ASIC-resistant and privacy-oriented. The trade-off is how its network hashrate has dropped off significantly in the process.
When it comes to upgrading the core protocol of any cryptocurrency, a hard fork is usually the best way to go. Bitcoin has seen its fair share of upgrades over the years, and Ethereum is going down a very similar path. Monero, the anonymity- and privacy-oriented altcoin, has seen many major upgrades over the past few years as well. Its most recent hard fork has been deemed a success, which is rather promising, all things considered.