Cardano To Undergo Chang Hard Fork On September 1: Key Insights for ADA Holders

• Intersect, a member-based organization within the Cardano ecosystem, has announced that Cardano will implement the Chang Hard Fork on September 1, 2024.
• The successful implementation will usher in the Voltaire Era, centered on improving decentralization and control within the Cardano ecosystem.

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Intersect has announced a date for the long-awaited Chang hard fork. According to Charles Hoskinson, the Chang hard fork, initially set to take place this week, has been postponed to September 1, 2024. 

https://t.co/7vqvYYZBlV

— Intersect (@IntersectMBO) August 28, 2024

Aligning with his statement, Hoskinson asserted on the X platform, “It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on the pad, another epoch for the weather to get better. Next Chang HF window, September 1st,” owing to concerns about exchange liquidity.

The decision to proceed with the Chang hard fork was reached after an in-depth discussion among key players across the Cardano ecosystem. Representatives from Intersect, Emurgo, the Cardano Foundation, and IOG attended. This was followed by a unanimous vote to initiate the hard fork following extensive assessments.

What You Need to Know About the Upgrade

According to Intersect, 92% of exchanges have upgraded to the required version, surpassing the set target of 85% readiness. Additionally, recent data shows that SPOs, another key component, have also achieved 92% readiness by stake. Not forgetting that the total value locked (TVL) in decentralized applications has exceeded 50%,  showcasing robust readiness.

The Chang hard fork is a major step in Cardano’s roadmap. Successful execution will usher in the Voltaire Era, which is centered on improving the ability for decentralization control within the Cardano ecosystem. In essence, the upgrade will strip off IOG’s responsibility as a governing body and pass it on to the ADA holders, who will be in a position to participate in a more active role in the network’s decision-making process.

 As earlier reported, this upgrade will be implemented in phases. The first phase will introduce CIP 1694, which will enable ADA holders to vote on important topics and features that will be useful to the network. The second phase of Voltaire will include new features like proxy voting and the ability to withdraw funds from the treasure. These features will help users propose and finance projects within the ADA ecosystem, which will extend decentralization and promote new initiatives. 

As the Cardano community awaits the Chang hard fork, investors are closely keeping an eye on the potential impact to ADA’s price. At the time of writing, the digital asset is swapping hands with $0.3547 marking a 1.66% decline in the last 24 hours.

No issue had been reported as of press time, further boosting confidence in the hard fork’s successful execution. 

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