Cardano's Governance Shift: Major Hard Fork Set for August 27

Cardano’s Chang hard fork team has officially scheduled the highly anticipated upgrade for August 27, with a final decision on execution set for August 23. In response to the major development, Cardano founder Charles Hoskinson shared a video of wild horses running, quoting Stake with Pride. He highlighted the need for the ecosystem to grow autonomously, hinting at the shift in Cardano’s governance from Input Output Global (IOG) to the broader community. He also welcomed the transition to the Voltaire era, marking a significant milestone for Cardano.

Final Preparations for the Upgrade

Hoskinson had earlier referenced an X post that shared crucial updates on the impending Cardano hard fork. The upgrade, set for August 27 pending final approval on August 23, will usher in the Voltaire era. The hard fork team chose this date after reviewing upgrade parameters and community feedback, ensuring the network’s readiness.

Progress towards the hard fork has been significant. Notably, around 70% of Cardano’s stake pool operators (SPOs) have already updated their nodes for the Chang upgrade, clearing a major hurdle. Moreover, key decentralized applications (dApps) have shown improved readiness for the upgrade. Bitfinex, which was previously the only exchange fully prepared, is no longer alone in its readiness.

Implications of the Upgrade for Cardano

The Voltaire era will bring substantial changes to Cardano’s governance structure, shifting it towards a community-driven model. This change will empower stakeholders with a more inclusive role in decision-making on the blockchain. The Chang upgrade will also establish a constitutional committee (CC) and introduce delegated representatives (DReps). Initially, the CC will include seven members, with three from the Cardano community, while DReps will join in the second phase of the upgrade.

As the Cardano network approaches this pivotal upgrade, its native token ADA experienced a boost on Wednesday, briefly climbing to 11th place in the market cap rankings.

Despite later fluctuations, ADA traded at $0.3587, maintaining a market cap of $12.9 billion. This market activity underscores the anticipation and confidence surrounding Cardano’s upcoming Voltaire era.

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