The organization overseeing the development of the Cardano blockchain, Intersect, has put out an urgent call for decentralized application projects focused on the blockchain to speed up their preparations for the Chang Upgrade #1. This call to action is essential to ensure a smooth transition and maintain the integrity of the network.
Importance of the Chang Upgrade
The upcoming Chang upgrade is slated to introduce on-chain governance to the Cardano ecosystem, marking a significant milestone in the blockchain’s evolution. With founder Charles Hoskinson emphasizing the upgrade as a crucial step towards establishing a “decentralized civilization,” the pressure is on for stakeholders to adapt to the changes swiftly.
While more than 80% of stake pool operators have already made the switch to the latest validator node, 9.1.0, there is still a need for crypto exchanges and decentralized applications on the blockchain to follow suit. Intersect has set a target of 85% liquidity on the new node for exchanges to meet, underscoring the importance of widespread adoption for the success of the upgrade.
Despite the urgency conveyed by Intersect, the Cardano token has not exhibited a significant reaction, currently trading at $0.3345. While there has been a slight 0.8% improvement in the last 24 hours, the token’s price over the past 30 days reflects a 21% decrease. However, there has been a positive 24% improvement year to date, indicating potential growth following the Chang upgrade.
In light of the regulatory scrutiny surrounding cryptocurrencies, ADA recently received a boost when the U.S. Securities and Exchange Commission halted allegations that ADA was an unregistered security. This development provided some relief amid the ongoing legal disputes involving ADA and Binance, showcasing the need for regulatory clarity in the industry.
As the Cardano blockchain prepares for the Chang upgrade, the urgency for decentralized application projects and exchanges to align with the latest developments is evident. With the potential for on-chain governance and improved smart contracts on the horizon, stakeholders must prioritize their upgrade efforts to ensure a seamless transition and uphold the network’s decentralized ethos.
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