Major Week for ADA: Cardano’s Chang Hardfork Delivers Two Key Updates

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As a seasoned crypto investor with a knack for identifying promising projects and a penchant for Cardano, I find myself brimming with anticipation as these Chang 2 hardfork updates roll out this week. The preproduction hard fork governance action and the Daedalus governance update are like two long-awaited guests knocking at the door of the Cardano community, bringing with them the potential for greater decentralization, efficiency, and control over our digital assets.

As an analyst, I’m brimming with anticipation alongside the vibrant Cardano community, as we prepare for the imminent arrival of the highly anticipated Chang 2 hard fork. This event promises to deliver two substantial updates that will undoubtedly reshape our digital landscape this week.

This week, Intersect – a community group for the Cardano network – revealed two significant developments for the Cardano community through a recent tweet: the upcoming pre-production hard fork governing procedure and the Daedalus software’s governance update.

— Intersect (@IntersectMBO) November 13, 2024

In simple terms, Intersect has announced that the governance process for initiating a hardfork in the Cardano preproduction environment is now active. If successfully implemented, this action will introduce protocol version 10.0 and full governance capabilities within PreProd.

It’s clear that Intersect recognized the need for a longer testing period in pre-production following the initial Chang update, based on both personal insights and feedback from the community. This proposed adjustment in governance aims to tackle this very issue.

After the approval of the PreProd Protocol Parameter update, we’ll see an adjustment in the PlutusV3 cost model, a change that takes place prior to the Chang hardfork. This update introduces new costs associated with the use of fresh Plutus primitives following the hardfork. The hardfork will become effective once it receives enough support from SPOs and ICC votes within the governance process.

The second significant change is referred to as the Daedalus governance update. With the arrival of Daedalus 7.0.0, users will now have the ability to assign their voting authority to delegated representatives (DReps) or choose an automated voting option. This empowers the Daedalus community to play a crucial role in shaping Cardano’s future success.

Cardano Foundation launches first Financial Insights report

Today, the Cardano Foundation, a self-governing, Swiss-rooted non-profit focused on enhancing the public framework of the Cardano digital currency, unveiled its inaugural Financial Analysis Summary.

The report signifies a significant step forward in our ongoing commitment to upholding values such as transparency, ethical practices, and community engagement.

2023 saw the Cardano Foundation distribute approximately $19.22 million towards three core areas: operational resilience, education, and adoption. Furthermore, an additional $4.55 million was earmarked for general operational expenses as the foundation expanded its capacity to foster and advance significant projects.

By December 31, 2023, the total assets held by the Cardano Foundation amounted to approximately $478.24 million. Of this sum, about 82.5% was invested in ADA, 10.1% in Bitcoin (BTC), and the rest was kept as liquid USD funds. The upcoming Activity Report of the Cardano Foundation for the year 2024 is scheduled to be released during the first quarter of 2025, offering a comprehensive overview of the initiatives and achievements from the preceding year.

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2024-11-13 18:34