As a seasoned blockchain analyst with extensive experience in following the Cardano ecosystem, I am excited about Intersect’s recent update regarding the “Chang Readiness” milestone. Having closely monitored the progress of the Cardano network, I can attest that this upgrade represents a significant leap forward in blockchain technology.
In a recent tweet, Intersect, an organization catering to the Cardano community, labeled an update as “Preparation for Chang.”
In August 2024, assuming the community is prepared, the initial Chang upgrades will represent a significant step in the Cardano upgrade plan. The Chang upgrades signify the first hard fork during the Cardano network’s Voltaire era.
Based on my extensive experience in the field of blockchain technology, I strongly believe that this upgrade goes beyond the typical software update. It signifies a groundbreaking development, tackling fundamental challenges head-on and unlocking newfound potential for the Cardano network. The advancements bring about a renewed sense of excitement and promise, as we continue to witness the evolution of this revolutionary technology.
The Chang upgrades working team has released an in-depth assessment of the ecosystem’s readiness for implementing the Chang upgrade on Cardano’s mainnet.
As we edge closer to enabling on-chain governance on Cardano, it’s important to prepare. So, are you all set for the upcoming Chang changes?
— Intersect (@IntersectMBO) July 19, 2024
I, as a Voltaire analyst, explain that with the Chang upgrade, we step into the Conway era, preparing the foundation for decentralized decision-making. This is accomplished by integrating on-chain governance mechanisms based on CIP-1694.
Chang readiness
As a researcher studying the Cardano blockchain, I can explain that the upgrade process for Chang is being divided into two stages to expedite adoption. In the initial phase, I’m part of the team facilitating an upgrade to node 9.0.0. This preliminary step encourages early adoption by stake pool operators (SPOs) and decentralized applications (dApps). By doing so, any potential issues arising from the Babbage era are identified and resolved, ensuring no regression in the system.
The latest version of Node, specifically Node 9.0.0, is now available for upgrade. This version is the recommended choice for stake pool operators (SPOs) looking to bring the Cardano mainnet up to speed with the Chang update. In order to stay current, SPOs should implement a minor configuration modification – Node 9.1.0. Once 75% of the SPOs have successfully updated their nodes to cardano-node 9.1.0, a hard fork combinator event will ensue.
SPOs, exchanges and dApps readiness
In order for the Chang upgrades to take effect, it’s required that 75% of the mainnet blocks are generated by the final candidate nodes. At the moment, as per the latest report on Mainnet Block Production Readiness, only 25% of Proof-of-Stake (SPO) nodes have been upgraded to version 9.0.0.
As a DApp analyst, I would advise DApp developers to brace themselves for potential challenges, such as the ongoing changes represented by Sundaeswap and USDM. Currently, both projects are in development stages, marked as “in progress.”
To maintain the stability of the cryptocurrency exchange community during a hard fork event, it is essential that approximately 80% of network liquidity is held by exchanges in preparation. At present, Binance, HTX, and WhiteBIT stand out as the most prepared exchanges, with respective liquidity percentages of 17.57%, 11.88%, and 11.5%. On the other hand, Coinbase and Bitrue have marked liquidity amounts of 3.32% and 2.39% respectively.
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2024-07-20 20:47