Cardano recently announced that the highly anticipated Chang hardfork will be delayed until September 1, 2024. This decision was made to allow platforms like Binance more time to prepare for the upgrade. According to Charles Hoskinson, the delay is necessary to ensure a smooth transition and to give all stakeholders ample time to make the necessary adjustments. While the Chang upgrade is ready, the postponement will provide additional time for exchanges and decentralized applications to update their systems.
The readiness of Stake Pool Operators for the 9.1.0 version of Cardano’s software has reached 80%, but exchanges and decentralized applications are lagging behind. This disparity in readiness poses a challenge as exchange liquidity is crucial for the successful implementation of the Chang hardfork. Binance, being one of the major players in the cryptocurrency exchange space, needs more time to transition to the new software version. Therefore, Cardano is waiting for exchanges to catch up before proceeding with the hardfork.
Assurance from Hoskinson
Despite the delay, Charles Hoskinson assures the community that the Chang hardfork will still take place as planned. He emphasizes the importance of reaching the 85% threshold for software upgrade adoption to ensure a smooth transition. Currently, 83% of Stake Pool Operators have upgraded to the new version, but exchange liquidity is only at 46%. The goal is to achieve the desired threshold before proceeding with the hardfork on September 1, 2024.
The Chang hardfork is expected to bring Cardano’s Voltaire era into operation, ushering in decentralized governance mechanisms and on-chain voting. These features are essential for the long-term sustainability and growth of the Cardano ecosystem. By implementing decentralized governance, Cardano aims to enhance transparency, security, and community participation in decision-making processes. The delay in the hardfork highlights the complexities of coordinating upgrades across various stakeholders in the cryptocurrency space.
The decision to delay the Chang hardfork to September 1, 2024, underscores the importance of thorough preparation and collaboration within the Cardano ecosystem. While delays may be disappointing to some, it is crucial to prioritize a smooth transition and ensure that all parties are ready for the upcoming changes. Cardano remains committed to its roadmap and is working towards a successful implementation of the Chang hardfork in the near future.
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