Cardano, the blockchain platform founded by Charles Hoskinson, has decided to postpone the highly anticipated Chang hardfork to September 1, 2024. This delay was confirmed by Hoskinson himself, citing the need for Binance and other platforms to have more time to prepare for the hardfork. While the Chang upgrade is ready to go, the new date aims to give exchanges and decentralized applications the necessary time to ensure a smooth transition.
Hoskinson emphasized the importance of deadlines in the software development process. He mentioned that deadlines can act as a catalyst for action, pushing stakeholders to prioritize upgrades and make necessary adjustments. In the case of the Chang hardfork, the delay will allow for a more cohesive and synchronized implementation across different platforms, ultimately benefiting the Cardano ecosystem as a whole.
One of the main challenges highlighted in the decision to delay the hardfork was the disparity in readiness among Stake Pool Operators (SPOs), exchanges, and decentralized applications. While SPOs had reached an 80% upgrade threshold to the 9.1.0 version, exchanges and applications were lagging behind. This discrepancy in readiness posed a potential risk to the successful execution of the Chang upgrade, prompting the team to set a final go/no-go decision date of August 23.
Exchange liquidity emerged as a critical factor in determining the feasibility of the Chang hardfork. Major players like Binance, one of the largest cryptocurrency exchanges in the world, needed more time to transition to the new blockchain network software version. Currently, exchange liquidity stands at 46%, well below the desired threshold of 85%. Cardano aims to increase this number to ensure a smooth and efficient hardfork process on September 1, 2024.
Despite the delays and challenges faced, Charles Hoskinson remains confident that the Chang hardfork will proceed as planned. He reiterates that nothing will impede the progress of the upgrade, emphasizing the resilience and determination of the Cardano community. With 83% of SPOs already on board with the new version and plans in place to increase exchange liquidity, Cardano is poised for a successful transition to the Voltaire era of decentralized governance and on-chain voting.
While the postponement of the Chang hardfork may come as a disappointment to some, it is a strategic decision aimed at ensuring the long-term stability and success of the Cardano ecosystem. By allowing for more time for stakeholders to prepare and align, Cardano is setting itself up for a smoother and more efficient upgrade process on September 1, 2024.
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