In a significant development for the Cardano blockchain, Intersect has released an update addressing the upcoming van Rossem hard fork. This milestone will bring Protocol Version 11 into play, promising enhancements such as better performance for Plutus, enhanced ledger consistency, and increased node security. The update also introduces new primitives, unique VRF keys, and revised rules for reference inputs.
What Is the Ratification Timeline?
Cardano is poised to conclude governance procedures in the final hours of epoch 642, a critical period for approving the hard fork. As a blockchain platform known for its focus on robust and secure decentralized applications, Cardano employs a development approach marked by careful peer reviews. Should the ratification not be completed in this epoch, subsequent dates set for potential approval are July 18 and July 23, emphasizing the need to meet the July 18 deadline.
The ratification process hinges on crossing certain thresholds within Cardano’s on-chain governance framework. Support must come from Delegated Representatives (DReps), stake pool operators (SPOs), and Constitutional Committee (CC) members to move forward.
Is On-Chain Voting Meeting Expectations?
Yes, the van Rossem hard fork has successfully surpassed necessary on-chain thresholds. The approval rating from DReps is at 76.81%, well above the required 60%, and SPOs show 52.76% approval, topping the 51% threshold. While four out of five approvals from the CC have been secured, a final vote or abstention is still awaited. This body plays a pivotal role in streamlining protocol modifications within Cardano’s decentralized governance.
With voting drawing to a close, attention shifts to a priority system that gives hard fork ratification precedence over other governance actions, which will be deferred until a decision is reached.
Adoption metrics are encouraging. Currently, Protocol Version 11 powers 93% of block production in the ongoing epoch. Furthermore, exchange readiness stands at 84.15%, exceeding the benchmark requirement, underscoring robust network support.
- DReps have exceeded their approval requirements at 76.81%.
- SPOs have confirmed their support at 52.76%.
- The Constitutional Committee needs one more vote or abstention to achieve full approval.
- 93% of block production utilizes Protocol Version 11.
- Exchange readiness has reached 84.15%.
Intersect, a pivotal player in coordinating Cardano’s protocol developments, announced that the Hard Fork Working Group has officially recommended advancing the van Rossem upgrade to ratification.
“Hard Fork Working Group members have formally recommended ratification of the van Rossem upgrade,” stated Intersect, noting the achievement of key thresholds in block production and exchange readiness.
As final steps approach, the hard fork awaits one more decision from the Constitutional Committee, with pending governance activities on hold until this requirement is fulfilled, reflecting Cardano’s structured and methodical governance practices.
