As a seasoned analyst with years of experience in the dynamic and ever-evolving world of cryptocurrencies, I find myself often reminded of the old adage, “Patience is a virtue.” The recent announcement by Charles Hoskinson regarding the delay of the much-anticipated Chang hardfork to September 1, 2024, is yet another testament to this truth.
According to the most recent announcement, Cardano has decided to postpone the eagerly awaited Chang hardfork until September 1, 2024.
Charles Hoskinson, the founder of Cardano (ADA), announced in a recent update that the launch of the Chang upgrade has been postponed. This additional time will provide exchanges such as Binance and others with extra preparation time before implementing the hardfork.
“Deadlines have a unique way of focusing people who are not fully committed to updates; they’ll exclaim ‘we need to act fast’. Once they’re in motion, things come together swiftly. It seems Binance and others require more time to organize their operations, so the launch will be delayed until conditions improve. The next ideal launch window is scheduled for September 1st.”
Charles Hoskinson.
What is the Chang hardfork?
Change signifies the transition to the operational phase of Cardano’s Voltaire era, which introduces decentralized governance systems and on-chain voting capabilities.
What is next?
As a researcher, I’m excited to share that the latest update on Cardano’s Chang hard fork readiness indicates a tentative mainnet launch slated for Tuesday, August 27, 2024. However, it’s important to note that the team has set Aug. 23 as the day when they will make their final go/no go decision.
Although Stake Pool Operators managed to reach a 9.1.0 version upgrade threshold at 80%, neither exchanges nor decentralized applications have followed suit. Regardless of SPO-readiness, it’s crucial to address the problem of exchange liquidity. A significant player in this domain is Binance, the world’s leading cryptocurrency exchange by trading volume.
Currently, Cardano is in a position where it needs to await the upgrading of these exchanges to the 9.1.0 version of their blockchain network’s software. However, despite this potential setback, Hoskinson is confident that nothing will impede the Chang hardfork from proceeding as planned.
The transition to Voltaire won’t be halted; it’s our democratically chosen administration taking charge now. For the time being, the launch remains grounded, waiting for the skies to become clearer.
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
According to information from the Chang Upgrade Readiness webpage, about 83% of Site Performance Optimizers (SPOs) have upgraded to version 9.1.0, whereas the current trading liquidity stands at 46%. The target level we aim to reach is 85%.
Cardano estimates reaching the above mark would have the next hard fork date at September 1, 2024.
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2024-08-23 20:22