Cardano ecosystem’s Intersect announced the scheduled implementation of the Chang Hard Fork on the Cardano mainnet happening on September 1, 2024, at 21:45 UTC. This represents a significant step towards full decentralization within the ecosystem.

The decision for the Chang Hard Fork was made following a meeting involving key stakeholders such as Intersect, Emurgo, the Cardano Foundation, and Input|Output. The hard fork known as Chang #1 is set to be activated on September 1, as unanimously agreed by the group.

The readiness for the hard fork has seen significant progress with Stake Pool Operators achieving 92% readiness, exchanges showing over 90% readiness, and over 50% total value locked in Decentralized Applications (DApps), indicating a strong preparedness and adoption rate among stakeholders.

The Chang hard fork aims to transition Cardano into the Voltaire Era, implementing governance enhancements. The first phase of the upgrade sets the foundation for on-chain governance, paving the way for full governance capabilities including the participation of delegated representatives and various governance actions.

These governance changes mark a crucial step towards decentralized decision-making on the Cardano network. The upgrade introduces new fields in transaction bodies to support governance actions and votes, enabling any user to propose governance actions, promoting user engagement and control over network decisions.

Under the new governance system, proposed actions will require approval from a constitutional committee, delegated representatives, and Stake Pool Operators to ensure thorough vetting and community consensus. This multi-tiered ratification process adheres to defined on-chain rules.

Current State of ADA

As of now, ADA is trading at $0.3556.