- Update Date and Delay
- Phases and Components of the Update
- Significance of the Update for the Community
Cardano has announced the date for the long-awaited Chang Hard Fork, which is now scheduled for September 1, 2024. This update will usher in the Voltaire Era, focused on enhancing decentralization and governance within the Cardano ecosystem.
Update Date and Delay
Intersect has announced that the Chang Hard Fork for Cardano, initially set for this week, will now take place on September 1, 2024. Cardano founder Charles Hoskinson stated on the X platform, 'It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on the pad, another epoch for the weather to get better. Next Chang HF window, September 1st,' referring to concerns about exchange liquidity.
Phases and Components of the Update
The decision to proceed with the Chang Hard Fork was reached after discussions among key players across the Cardano ecosystem, including representatives from Intersect, Emurgo, the Cardano Foundation, and IOG. Following the vote, it was decided to initiate the hard fork after extensive assessments. According to Intersect, 92% of exchanges have upgraded to the required version. Additionally, recent data shows that 92% of Stake Pool Operators (SPOs) are also ready. The total value locked (TVL) in decentralized applications has surpassed 50%, indicating robust readiness.
Significance of the Update for the Community
The Chang Hard Fork is a major step in Cardano’s roadmap. Successful execution of this update will usher in the Voltaire Era, aimed at improving decentralization and control within the ecosystem. The upgrade will strip IOG's responsibility as a governing body and pass it on to ADA holders, who will be able to play a more active role in decision-making. The first phase will introduce CIP 1694, allowing ADA holders to vote on important issues. The second phase will include new features such as proxy voting and the ability to withdraw funds from the treasury, extending decentralization and promoting new initiatives.
The Cardano community eagerly awaits the Chang Hard Fork, scheduled for September 1, 2024. Analysts and investors are closely monitoring the potential impact on ADA’s price, which at the time of writing stands at $0.3547, marking a 1.66% decline in the last 24 hours.
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