Crypto: The intensive preparation of Cardano for the Chang update

The Cardano team is gearing up for a revolution with the Chang update, a crucial milestone in their roadmap. This advancement marks the beginning of the Voltaire era, introducing decentralized governance mechanisms. But the real question is: is the network ready for this monumental change? Let’s explore the ecosystem’s preparedness and what it means for the future of Cardano.

The technical preparation for Chang

The Chang update represents much more than just a technical improvement. It’s a substantial leap forward for blockchain technology, addressing fundamental problems and opening new perspectives for the Cardano network.

In two phases, Chang accelerates adoption: the first update to node 9.0.0 to identify and fix issues, followed by update 9.1.0 including critical revisions.

• 25% of SPOs have already migrated to 9.0.0
• 75% of mainnet blocks must be produced by the final node to activate Chang

This update is essential to prepare the network for decentralized decisions through the implementation of CIP-1694.

A quote from Intersect’s tweet highlights the importance of this transition:

“Chang’s preparation is crucial for the future of governance on Cardano.”

Chang Readiness 👀

The hardfork working group have published a detailed review of ecosystem readiness to upgrade to Chang!

We're getting closer to bringing on-chain decision making to Cardano mainnet, & there's more to do. So, are you ready for Chang? https://t.co/vDJ4yyHFSh pic.twitter.com/oiIme1A677

— Intersect (@IntersectMBO) July 19, 2024

The Cardano community and stakeholders must be ready for this transition to be smooth.

The Preparation of Exchanges and dApps for Chang

For this update to succeed, cooperation from stake pool operators (SPOs), exchanges, and dApp developers is crucial.

Currently, only 25% of SPOs have updated their nodes, but the goal is for 75% to be ready.

Exchange platforms like Binance, HTX, and WhiteBIT are leading the way with top-notch preparation, while Coinbase and Bitrue still have some way to go.

Chang’s preparation has significant repercussions for ADA holders and crypto users:

• dApp developers need to adapt their applications to ensure seamless compatibility
• Exchanges need to align about 80% of the network’s liquidity with this event

In summary, this update is not just about technology but also about the wider Cardano ecosystem, including ADA crypto. The preparation of each player is crucial for the success of Chang and the future of decentralized governance on the network.