Cardano has announced a delay in the highly anticipated Chang hardfork, pushing the event to September 1, 2024. This announcement was made by Cardano founder Charles Hoskinson, who cited the need for platforms like Binance to have more time to prepare for the hardfork.
Reason for Delay
Hoskinson explained that while the Chang upgrade is technically ready, allowing more time for key players like Binance to align with the new changes will ensure a smoother transition. He emphasized the importance of deadlines in pushing for timely upgrades and readiness among stakeholders.
The Chang update is set to bring Cardano’s Voltaire era into operation, introducing decentralized governance mechanisms and on-chain voting. The ecosystem’s preparedness for the Chang hard fork was highlighted with a potential mainnet launch on August 27, 2024. However, a final decision is scheduled for August 23.
One of the main challenges identified was the readiness of exchanges and decentralized applications to upgrade to the 9.1.0 version required for the hardfork. While Stake Pool Operators had reached an 80% upgrade threshold, exchanges lagged behind. Binance, as a major player, plays a crucial role in the process.
Exchange liquidity, currently at 46%, is below the desired threshold of 85% for a successful hardfork. Cardano is waiting for exchanges to transition to the new blockchain network software version to ensure a smooth implementation. Despite the delay, Hoskinson reassures that nothing will impede the Chang hardfork.
According to data on the Chang upgrade readiness page, 83% of Stake Pool Operators are on the required 9.1.0 version. However, achieving the 85% threshold for exchange liquidity is crucial. Cardano aims to reach this target to proceed with the hardfork on September 1, 2024.
The delay of Cardano’s Chang hardfork to September 1, 2024, underscores the importance of ensuring all stakeholders are aligned and prepared for the upgrade. While challenges remain, the Cardano team is committed to overcoming them and moving forward with the Chang update for the ecosystem’s advancement.
