Cardano, one of the most talked-about cryptocurrencies in the market, has made an announcement regarding the delay of its highly anticipated Chang hardfork. This unexpected news has stirred up discussions in the crypto community and has raised questions about the reasons behind this decision.
According to the latest update, Cardano’s founder, Charles Hoskinson, confirmed the delay of the Chang hardfork to September 1, 2024. Despite the fact that the Chang upgrade is ready to go, Hoskinson mentioned that the new date was set to give platforms like Binance more time to prepare for the hardfork. This decision has sparked debates among stakeholders about the importance of deadlines and the impact of delays on the overall ecosystem.
The Chang hardfork is expected to bring Cardano’s Voltaire era into operation by introducing decentralized governance mechanisms and on-chain voting. However, with the delay in place, the ecosystem may face challenges in terms of adoption and implementation. Stake Pool Operators had reached the threshold of 80% upgrade to the 9.1.0 version, but exchanges and decentralized applications were lagging behind. This discrepancy in readiness raises concerns about the overall preparedness of the ecosystem for the upcoming hardfork.
One of the critical factors contributing to the delay is the issue of exchange liquidity. Binance, being one of the major players in the cryptocurrency exchange space, plays a key role in the successful implementation of the Chang hardfork. Despite the progress made by Stake Pool Operators, exchange liquidity is currently at 46%, below the desired threshold of 85%. This discrepancy highlights the importance of synchronization among all stakeholders to ensure a smooth transition to the new blockchain network software.
Despite the delay and the challenges faced by the ecosystem, Charles Hoskinson remains optimistic about the Chang hardfork. He reassures the community that nothing will stop the implementation of this crucial upgrade. With 83% of Stake Pool Operators on the 9.1.0 version and exchange liquidity slowly inching towards the target threshold, Cardano aims to reach the necessary milestones by September 1, 2024.
The delay of Cardano’s Chang hardfork has raised valid concerns about the ecosystem’s readiness and the coordination among stakeholders. While challenges persist, the assurance from Charles Hoskinson and the commitment of the community signal a positive outlook for the future of Cardano. The upcoming months will be crucial in determining the success of the Chang hardfork and the impact it will have on the overall adoption of Cardano’s ecosystem.