Cardano’s much-anticipated Chang hardfork has been postponed to September 1, 2024. The delay was confirmed by Cardano founder Charles Hoskinson, who stated that while the upgrade is ready, additional time is needed for platforms such as Binance to prepare for the hardfork. Hoskinson emphasized the importance of deadlines in pushing people to take upgrades seriously and ensure a smooth transition.
The Chang update aims to implement Cardano’s Voltaire era, which includes introducing decentralized governance mechanisms and on-chain voting. Initially, there were expectations of a potential mainnet launch on August 27, 2024. However, a final decision on whether to proceed with the hardfork was set for August 23, as not all stakeholders, including exchanges and decentralized applications, had upgraded to the required 9.1.0 version.
One of the major obstacles to the Chang hardfork was the lack of readiness among exchanges, particularly Binance, which plays a significant role in the cryptocurrency market. While Stake Pool Operators had largely upgraded to the required version, exchange liquidity was only at 46%, well below the desired threshold of 85%. This discrepancy meant that Cardano had to delay the hardfork to allow more time for exchanges to update their software.
Despite the delay, Charles Hoskinson reassured the community that the Chang hardfork would proceed as planned once the necessary conditions were met. As per the latest data, 83% of Stake Pool Operators had upgraded to version 9.1.0, bringing them close to the target threshold. The goal is to reach 85% readiness among exchanges to ensure a smooth transition to the new blockchain network software.
The decision to delay the Chang hardfork reflects Cardano’s commitment to ensuring a successful upgrade process. By allowing more time for exchanges and other stakeholders to prepare, the project aims to minimize any potential disruptions and ensure the stability of the network. While the postponement may be disappointing for some, it is a necessary step towards achieving a smoother transition to the next phase of Cardano’s development.