Cardano, the blockchain platform founded by Charles Hoskinson, has announced a delay in the highly anticipated Chang hardfork to September 1, 2024. This decision was made to give exchanges like Binance more time to prepare for the hardfork. While the Chang upgrade itself is ready, ensuring that all key players in the ecosystem are aligned and ready for the transition is crucial.
Hoskinson emphasized the importance of deadlines in his announcement, highlighting how they can push individuals and organizations to take upgrades seriously. This delay will allow stakeholders to make necessary adjustments and upgrades, ultimately leading to a smoother transition process. By waiting for all parties to be prepared, Cardano aims to minimize any disruptions that may arise during the hardfork.
One of the main challenges that Cardano is currently facing is the disparity in readiness between Stake Pool Operators (SPOs) and exchanges/decentralized applications. While SPOs have largely upgraded to the required 9.1.0 version, exchanges are lagging behind. This poses a risk to the overall liquidity and stability of the network, particularly given the significance of exchanges like Binance in the cryptocurrency space.
Despite the delay, Hoskinson remains confident that the Chang hardfork will proceed as planned. The team is actively working to ensure that all stakeholders are on board and ready for the upcoming transition. As of now, 83% of SPOs have upgraded to 9.1.0, but exchange liquidity stands at only 46%, below the desired threshold of 85%. Cardano is focused on reaching this threshold to proceed with the hardfork on September 1, 2024.
While the delay of the Chang hardfork may come as a disappointment to some, it is a necessary step to ensure the success and stability of the Cardano ecosystem. By allowing exchanges more time to prepare and reaching the desired threshold of upgrade readiness, Cardano is taking proactive measures to minimize any potential risks associated with the hardfork. The ecosystem is evolving, and it is through careful planning and collaboration that Cardano will continue to thrive in the ever-changing world of blockchain technology.