The Intersect organization, which oversees the development of the Cardano blockchain, has issued an urgent call for decentralized application projects on the blockchain to accelerate their preparations for the upcoming Chang Upgrade #1. This call to action comes after an announcement on August 17th, where Intersect revealed that more than 80% of stake pool operators on Cardano (ADA) have already transitioned to the latest validator node, 9.1.0. However, it is crucial for crypto exchanges and decentralized applications on the blockchain to also upgrade to node 9.1.0 and provide updates on their progress.
Intersect emphasized in its statement that the success of the Chang Upgrade relies on exchanges meeting a target of 85% liquidity on the new node. This upcoming upgrade is poised to introduce on-chain governance to the Cardano ecosystem, marking a significant milestone in the blockchain’s evolution. Cardano founder Charles Hoskinson has previously underscored the importance of this upgrade, referring to it as a pivotal step towards establishing a “decentralized civilization” for millions of users.
The Chang Upgrade will usher in the Voltaire era, which is expected to propel the network closer to becoming a fully decentralized system. Throughout its development, Cardano has undergone several upgrade eras, each named after notable poets such as Byron, Shelley, Goguen, and Basho. With the upcoming Chang upgrade, ADA token holders will gain the ability to vote on protocol changes, further enhancing the decentralization of the network.
Enhancements to Smart Contracts and Data Security
Additionally, the Chang Upgrade is anticipated to bring improvements to smart contracts, particularly with the introduction of the PlutusV3 cryptographic primitive to bolster data security on the network. Despite the urgency conveyed by Intersect, the Cardano token has not exhibited a significant reaction, currently trading at $0.3345 with a marginal 0.8% increase over the past 24 hours. Over a 30-day period, the current ADA price reflects a 21% decline, although there has been a promising 24% improvement year-to-date.
Regulatory Developments and Market Response
In late July, ADA experienced some relief after the U.S. Securities and Exchange Commission halted allegations that ADA constituted an unregistered security, marking a positive turn in its ongoing legal dispute with Binance. As the Cardano blockchain gears up for the Chang Upgrade #1, stakeholders are urged to prioritize readiness and compliance with the latest developments to ensure the network’s seamless transition and continued growth in the decentralized application space.
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