Cardano recently announced a delay in the highly anticipated Chang hardfork, pushing the launch date to September 1, 2024. This decision was made to give exchanges and other platforms more time to prepare for the hardfork. Charles Hoskinson, the founder of Cardano, explained that while the Chang upgrade is ready, some key players such as Binance need additional time to get their systems in order before the launch.
The Chang hardfork is set to bring Cardano’s Voltaire era into operation, introducing decentralized governance mechanisms and on-chain voting. While Stake Pool Operators have already reached the required upgrade threshold, exchanges and decentralized applications are lagging behind. This delay highlights the importance of exchange liquidity and the need for all key players to be aligned before proceeding with a major upgrade like Chang.
One of the major challenges faced by Cardano is ensuring that a significant proportion of exchanges and decentralized applications are using the latest 9.1.0 version of the blockchain network’s software. As of now, exchange liquidity stands at 46%, below the desired threshold of 85%. Binance, as the world’s largest cryptocurrency exchange by trade volume, plays a crucial role in this process. The delay in the Chang hardfork is a result of waiting for these key players to catch up and ensure a smooth transition.
Despite the delay, Charles Hoskinson remains confident that the Chang hardfork will proceed as planned. According to data on the Chang upgrade readiness page, 83% of Stake Pool Operators have upgraded to the 9.1.0 version, indicating strong support within the community. The target of 85% exchange liquidity is within reach, and Cardano expects to meet this threshold before the new hard fork date of September 1, 2024.
While the delay in the Chang hardfork may come as a disappointment to some, it is a necessary step to ensure a successful and seamless transition for Cardano’s ecosystem. By giving exchanges and other platforms more time to prepare, Cardano aims to minimize any potential disruptions and maximize the benefits of the upcoming upgrade. With strong community support and a clear roadmap in place, Cardano remains on track to achieve its long-term vision of decentralized governance and sustainable growth.
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