Intersect has introduced that Cardano’s Chang Hard Fork will happen on September 1, 2024, at 21:45 UTC.
This update is a big milestone in Cardano’s shift in the direction of full decentralization.
The choice to proceed was made after in depth discussions amongst key Cardano stakeholders, together with Intersect, Emurgo, the Cardano Basis, and Enter|Output.
Preliminary considerations over liquidity—solely 28% of exchanges had been up to date—have been addressed, with present readiness ranges exhibiting robust help. Round 92% of Stake Pool Operators (SPOs) and over 90% of exchanges at the moment are ready. Moreover, over half of the worth locked in Decentralized Functions (DApps) signifies strong adoption.
The laborious fork, now confirmed, is designed to advance Cardano into the Voltaire Period, enhancing its governance capabilities. The replace will introduce new options for on-chain governance, setting the stage for future upgrades. This features a shift from specialised governance processes to a system the place Cardano customers can suggest and vote on modifications.
The brand new governance framework would require approval from a constitutional committee, delegated representatives, and SPOs, making certain a democratic and community-driven decision-making course of.