The Cardano blockchain is on the cusp of a significant upgrade with the Chang hard fork, marking the beginning of the Voltaire era. This much-anticipated update promises to be more than just a technical tweak; it paves the way for a more decentralized future for Cardano.
According to a recent update by Intersect, a Cardano ecosystem organization, Chang is nearing completion. The hard fork will be implemented in two phases. The first phase, through an upgrade to node version 9.0.0, allows Stake Pool Operators (SPOs) and decentralized applications (dApps) to identify and address any potential issues early on. The second phase, with node version 9.1.0, incorporates the final changes and requires updates from SPOs, dApps, and cryptocurrency exchanges.
For the Chang hard fork to activate, at least 75% of the blocks on the Cardano mainnet need to be created using the final Chang node candidate. As of now, only 25% of SPOs have upgraded to the necessary version, according to the latest Mainnet Block Producing Readiness update.
The impact of Chang extends beyond SPOs. dApp developers will also need to prepare for the upgrade, with some, like Sundaeswap and USDM, already in the process. Additionally, cryptocurrency exchanges play a crucial role. To ensure a smooth transition, they need to ensure that around 80% of the network’s liquidity is compatible with the hard fork. Major exchanges like Binance, HTX, and WhiteBIT are leading the charge in this regard, while others like Coinbase and Bitrue have some catching up to do.
The Chang hard fork signifies a critical milestone for Cardano. By introducing on-chain governance mechanisms through the Cardano Improvement Proposal (CIP) 1694, Chang lays the groundwork for a future where the Cardano community holds the reins. This shift from developer-driven control to community governance marks a significant step towards a truly decentralized Cardano.