Intersect, the organization overseeing the development of the Cardano blockchain, has issued an urgent call for decentralized application projects on the blockchain to accelerate their preparations for Chang Upgrade #1. According to a statement by Intersect, more than 80% of stake pool operators on Cardano have already transitioned to the latest validator node, 9.1.0. However, crypto exchanges and decentralized apps on the blockchain also need to upgrade to node 9.1.0 and provide updates on their progress.
In its communication, Intersect emphasized that the success of the upgrade relies on exchanges achieving a target of 85% liquidity on the new node. The upcoming Chang upgrade is set to introduce on-chain governance to the Cardano ecosystem. This significant development was highlighted by Cardano founder Charles Hoskinson, who described it as a crucial step towards establishing a “decentralized civilization” for millions of users.
The Chang upgrade will mark the beginning of the Voltaire era, which is expected to bring the network closer to a fully decentralized system. The blockchain has experienced several upgrade eras, each named after influential poets such as Byron, Shelley, Goguen, and Basho. With the upcoming upgrade, holders of the ADA token will be able to participate in voting on protocol changes. Additionally, improvements to smart contracts are anticipated, especially with the introduction of the PlutusV3 cryptographic primitive to enhance data security on the network.
Despite Intersect’s calls for action, the Cardano token has not shown a significant reaction. Currently trading at $0.3345, ADA has seen a modest 0.8% improvement over the last 24 hours. However, over a 30-day period, the ADA price still reflects a 21% decrease, although there has been a 24% improvement year-to-date. In late July, ADA received a boost when the U.S. Securities and Exchange Commission decided to pause allegations that ADA was an unregistered security in its legal dispute with Binance.
The urgency for decentralized applications on the Cardano blockchain to prepare for the upcoming Chang upgrade highlights the need for continued advancements in the ecosystem. With the introduction of on-chain governance and improvements to smart contracts, Cardano is poised to further establish itself as a leading blockchain platform for decentralized applications. Stakeholders, including exchanges and developers, must heed Intersect’s call and actively participate in the upgrade process to ensure the network’s continued success and growth.
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