Intersect Urges Cardano to Accelerate Preparations for Chang Upgrade

Intersect has made a strong plea for the immediate launch of decentralised application projects on the platform. The group is responsible for overseeing the development of the Cardano blockchain. To further Cardano’s growth, the group encourages these projects to prepare for Chang Upgrade #1 immediately.

This news is crucial as the Cardano ecosystem prepares for a big transformation. The Cardano Chang upgrade is a major step towards Cardano’s decentralised future. It is set to provide on-chain governance to the network. The upgrade is almost here, and Intersect wants everyone in the ecosystem to pitch in to ensure it goes off without a hitch.

Stake Pool Operators Lead the Way, But More Work Remains

Significant effort has already been made in preparation for the Cardano Chang Upgrade. This was stated in an August 17 statement shared with crypto.news by Intersect. Stake pool operators on the Cardano network have switched to the newest validator node, version 9.1.0, with over 80% success rate. High stake pool operator acceptance is an optimistic indicator that the ecosystem is ready for changes.

However, Intersect has shown that there’s still a long way to go. The group is now urging other important participants in the Cardano ecosystem to do the same. These participants include dApps and cryptocurrency exchanges. It is strongly recommended that these entities update to node 9.1.0 and notify Intersect of their progress. Broad acceptance throughout the network is crucial to the Cardano Chang Upgrade’s success.

Liquidity Target: A Key Metric for Success

The announcement from Intersect highlighted a key metric for the success of the Cardano Chang Upgrade. A goal of 85% liquidity on the new exchange node has been set by the organisation. This indicator seeks to ensure that the upgraded infrastructure can support a significant portion of the network’s trading activity.

Intersect has established this liquidity objective. This ensures that the Cardano ecosystem can keep running smoothly and effectively after the upgrade. Exchanges, market makers, and other Cardano network liquidity providers must work together to achieve this aim.

The Significance of the Cardano Chang Upgrade

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Cardano Chang Upgrade is beyond being a technical upgrade. It signifies a major milestone in the path of blockchain development. Introduced with the Cardano Chang Upgrade, on-chain governance is a much-anticipated feature. Cardano creator Charles Hoskinson has previously highlighted the improvement. 

Charles Hoskinson described it as a critical step towards creating a “decentralised civilisation” that can support millions of users. The Chang upgrade should increase Cardano’s smart contract capabilities and governance. In this regard, the release of the PlutusV3 cryptographic primitive constitutes a watershed moment.

There will be a new age of development for Cardano with the Chang update, according to crypto.news. The Cardano Chang upgrade will introduce the Voltaire era. During this stage, the network should come closer to its long-term goal of total decentralisation. The Voltaire period follows a series of upgrading stages named after prominent poets. These include Byron, Goguen, Shelley, and Basho. Hence, this reflects Cardano’s dedication to a systematic and deliberate approach to blockchain development.

Market Response and Recent Developments

The impending Cardano Chang Upgrade is significant, but the market has been quiet about it so far. The ADA coin has had a little 0.8% increase over the last 24 hours. It traded at $0.3345, according to the most recent statistics. When taking a look at the bigger picture, ADA has fallen 21% in the past 30 days. However, it is still up 24% for the year.

Notably, ADA was recently helped out by a positive change in the regulatory environment. At the end of July, U.S. securities authorities dropped charges that ADA was an unregistered security in their legal conflict with Binance. This ruling may boost Cardano’s acceptance and development by clarifying the regulatory situation.

The Road Ahead: Preparing for a Decentralized Future

The Cardano ecosystem must work together to prepare for the Cardano Chang update. Stakepool operators, exchanges, decentralised application developers, and ADA token holders must all cooperate. Their cooperation is essential for this update to succeed on the Cardano network. A major milestone on the road to the decentralised future that the blockchain promises has been reached. This comes with the implementation of on-chain governance with the Cardano Chang Upgrade. Cardano’s community participation in decision-making may make blockchain governance more democratic and inclusive. Stay tuned to TheBITJournal for the latest updates on these critical developments.