Intersect, the organization overseeing the Cardano blockchain’s development, has issued an urgent call for decentralized application projects on the blockchain to hasten their preparations for Chang Upgrade #1. According to a recent statement by Intersect, more than 80% of stake pool operators on Cardano (ADA) have already moved to the latest validator node, 9.1.0. However, there is still a need for crypto exchanges and decentralized apps on the blockchain to upgrade to node 9.1.0 and report their progress.
In its statement, the organization emphasized that the success of the upgrade depends on exchanges meeting a target of 85% liquidity on the new node. The Chang upgrade is set to introduce on-chain governance to the Cardano ecosystem, marking a significant milestone in the development of the blockchain. Cardano founder Charles Hoskinson has previously highlighted the importance of this upgrade, describing it as a crucial step towards establishing a “decentralized civilization” for millions of users.
The upcoming Chang upgrade will usher in the Voltaire era, which is expected to move the network closer to a fully decentralized system. This transition signifies a major evolution in the Cardano ecosystem, as it allows holders of the ADA token to vote on protocol changes. Furthermore, the upgrade will bring improvements to smart contracts, particularly with the introduction of the PlutusV3 cryptographic primitive to enhance data security on the network.
Despite Intersect’s urgent call for preparations, the Cardano token has not shown much reaction in the market. Currently trading at $0.3345, there has only been a slight 0.8% improvement over the last 24 hours. Over the past 30 days, the ADA price still reflects a 21% drop, although there has been a 24% improvement year to date. It is worth noting that at the end of July, ADA received a boost after the U.S. Securities and Exchange Commission shelved allegations that ADA was an unregistered security, as part of its legal dispute with Binance.
The call for decentralized application projects on the Cardano blockchain to expedite their preparations for Chang Upgrade #1 is a crucial step in the evolution of the ecosystem. With the upcoming implementation of on-chain governance and improvements to smart contracts, the Cardano blockchain is poised for significant growth and development in the near future. It is imperative for exchanges and decentralized apps to upgrade to node 9.1.0 and meet the liquidity targets set by Intersect to ensure the success of the upgrade and the continued progress of the Cardano ecosystem.
