Cardano’s ecosystem is poised for a notable upgrade with the implementation of the Chang Hard Fork on August 27. Renowned for its decentralized and community-centric nature, Cardano is set to enhance its protocol efficiency and governance mechanisms through this pivotal update. The announcement by Intersect underscores the critical importance of the Chang Hard Fork for Cardano’s ongoing development.
Chang Hard Fork: A Critical Moment for Governance
This major update will refine Cardano’s governance system, making it more effective. Intersect highlighted that the working group overseeing the Chang Hard Fork has been diligently evaluating progress and incorporating feedback from the community. The update is scheduled for the mainnet on August 27, with a final decision expected by August 23.
Technical Preparations and Liquidity Concerns
Preparations for the hard fork have reached significant milestones. Despite achieving 80% participation among Stake Pool Operators (SPOs), only 28% of exchanges have updated, far below the target of 85%. Nonetheless, various components of the ecosystem are rapidly gearing up for the upgrade, with positive feedback from leading decentralized applications (DApps).
Key Inferences for Stakeholders
Concrete steps and insights for stakeholders include:
- Ensure all preparatory actions are completed before August 27 to avoid disruptions.
- Stake Pool Operators have largely completed their updates, but continuous monitoring is advised.
- Exchange platforms need to expedite their update processes to meet the 85% target.
- Engage actively in the governance actions and signature processes starting August 23.
- Upgrade to Daedalus 6.0.0 to maintain compatibility with the new protocol.
Pre-Production Hard Fork on August 22
A pre-production hard fork is scheduled for August 22 to finalize tests and adjustments before the main deployment. Cardano founder Charles Hoskinson expressed his enthusiasm for the update, emphasizing its strategic significance. He conveyed his excitement on social media, stating, “Are you ready for Chang? The rocket is ready for launch. Governance is coming.”
In preparation for the Chang Hard Fork, Input Output has released Daedalus 6.0.0, which is a mandatory update for users to transition to the Conway era and continue operating post-hard fork. All users are required to upgrade to this version to ensure seamless operations on the mainnet.
