Intersect, the organization overseeing the Cardano blockchain’s development, recently issued an urgent call for decentralized application projects on the blockchain to accelerate their preparations for the upcoming Chang Upgrade #1. This upgrade is crucial for the future of Cardano and marks a significant milestone in the evolution of the ecosystem.
According to the statement by Intersect, more than 80% of stake pool operators on Cardano have already transitioned to the latest validator node, 9.1.0. However, it is imperative for crypto exchanges and decentralized apps on the blockchain to also upgrade to node 9.1.0 in order to ensure the success of the Chang upgrade. Exchanges are required to meet a target of 85% liquidity on the new node to facilitate a smooth transition.
The upcoming Chang upgrade is set to introduce on-chain governance to the Cardano ecosystem. This upgrade has been hailed by Cardano founder Charles Hoskinson as a pivotal step towards establishing a “decentralized civilization” for millions of users. The Chang upgrade will usher in the Voltaire era, bringing the network closer to a fully decentralized system.
Protocol Changes and Improvements
One of the key features of the Chang upgrade is the ability for holders of the ADA token to vote on protocol changes. This will give the community a greater say in the future direction of the blockchain. Additionally, the upgrade is expected to bring improvements to smart contracts, particularly with the introduction of the PlutusV3 cryptographic primitive to enhance security and data protection on the network.
Despite the urgency conveyed by Intersect, the Cardano token has not experienced significant price movement in response. Currently trading at $0.3345, ADA has seen a modest 0.8% increase in the last 24 hours. However, over the past 30 days, the price of ADA reflects a 21% decrease, although there has been a 24% improvement year-to-date. The recent legal developments, such as the SEC shelving allegations against ADA, have had an impact on the token’s price and market sentiment.
The urgency of decentralized application projects on the Cardano blockchain cannot be overstated. The upcoming Chang upgrade represents a crucial turning point for the ecosystem, and it is essential for all stakeholders to prioritize their preparations for a successful transition. With the introduction of on-chain governance and other key improvements, Cardano is poised to further establish itself as a leading blockchain platform for decentralized applications.