Cardano is nearing the crucial Chang hard fork, with significant updates expected despite the recent decline in ADA’s price.
Points
- 39% of stake pool operators have updated to Cardano’s Node 9.1.0.
- The Chang hard fork requires at least 70% of SPOs to adopt the new node version.
- The update aims to transform Cardano into a community-governed blockchain.
- The ADA price has dipped by roughly 3% over the past 24 hours.
- Previous upgrades like the Vasil and Alonzo hard forks have improved Cardano’s security and functionality.
Cardano is on the brink of the Chang hard fork, which promises to be one of its most crucial updates. At press time, 39% of stake pool operators （SPOs） have updated to Cardano’s Node 9.1.0. The latest version, introduced in July, sets the stage for this significant upgrade.
For the Chang hard fork to be activated, at least 70% of SPOs need to adopt the new node version. More than half have already made the upgrade. Founder Charles Hoskinson has touted the Chang hard fork as the biggest update in Cardano’s history, promising the most advanced governance system. The first phase will transform Cardano into a community-governed blockchain, followed by the introduction of a government system allowing SPOs to vote on governance actions and control treasury withdrawals.
Despite the excitement surrounding the upgrade, ADA’s price has dipped by roughly 3% over the past 24 hours. This decline follows the anticipation of the new fork, similar to previous upgrades like the Vasil hard fork in 2022, which improved the blockchain’s security and usability, and the Alonzo hard fork in 2021, which introduced smart contract functionality.
Explanation
- The Chang hard fork represents a significant milestone in Cardano’s development, aiming to enhance its governance and decentralization.
- The requirement for 70% of SPOs to adopt the new node version ensures broad participation and stability during the upgrade.
- Previous upgrades have laid the foundation for Cardano’s current capabilities, demonstrating a history of consistent improvements.
- The recent dip in ADA’s price reflects market uncertainty but also highlights the potential for future gains post-upgrade.
