Cardano, one of the leading cryptocurrencies in the market, has announced a delay in the highly anticipated Chang hardfork to September 1, 2024. This decision has been made to allow major platforms like Binance more time to prepare for the upgrade.
Founder Charles Hoskinson mentioned that while the Chang upgrade is technically ready, giving additional time for exchanges and decentralized applications to upgrade to the new version will ensure a smoother transition. The delay is aimed at ensuring that all stakeholders are fully prepared for the implementation of the new decentralized governance mechanisms and on-chain voting introduced by the Chang update.
Despite Stake Pool Operators reaching an 80% upgrade to the 9.1.0 version, exchange platforms like Binance have not fully transitioned, leading to concerns about liquidity. As the world’s largest cryptocurrency exchange, Binance’s readiness is crucial for the successful implementation of the hardfork. Currently, exchange liquidity stands at 46%, below the desired threshold of 85%.
Despite the delay, Charles Hoskinson reassures the community that nothing will prevent the Chang hardfork from happening. The team is closely monitoring the readiness of stakeholders and aims to achieve the 85% threshold before the new hard fork date on September 1, 2024.
The postponement of the Cardano Chang hardfork to September 1, 2024, demonstrates the project’s commitment to ensuring a smooth and successful upgrade. By allowing more time for exchanges and applications to transition to the new version, Cardano aims to minimize any potential disruptions that may arise during the implementation process. The community eagerly awaits the new hard fork date and remains hopeful for the positive changes that the Chang update will bring to the Cardano ecosystem.
