Intersect, the organization overseeing the Cardano blockchain’s development, recently issued an urgent call for decentralized application projects on the blockchain to hasten their preparations for Chang Upgrade #1. The upgrade is set to introduce on-chain governance to the Cardano ecosystem, marking a pivotal step toward establishing a “decentralized civilization” for millions of users.
According to a statement by Intersect, more than 80% of stake pool operators on Cardano have already moved 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 report their progress. The success of the upgrade hinges on exchanges meeting a target of 85% liquidity on the new node.
The Chang upgrade will usher in the Voltaire era, expected to move the network closer to a fully decentralized system. With each upgrade era named after influential poets, the upcoming Chang upgrade will enable holders of the ADA token to vote on protocol changes. Additionally, improvements to smart contracts are anticipated with the introduction of the PlutusV3 cryptographic primitive to secure data on the network.
Despite Intersect’s exhortations, the Cardano token has not shown significant reaction. Currently trading at $0.3345, it reflects a modest 0.8% improvement over the last 24 hours. However, over the past 30 days, the ADA price still shows a 21% drop, revealing a 24% improvement year to date. In July, ADA received a boost after the U.S. Securities and Exchange Commission halted allegations that ADA was an unregistered security in its legal battle with Binance.
The urgent call for decentralized applications on the Cardano blockchain underscores the importance of staying updated and prepared for upcoming upgrades. As the network moves toward greater decentralization and on-chain governance, it is crucial for stakeholders to adhere to the latest requirements to ensure the smooth transition and functionality of the ecosystem. Decentralized applications play a key role in the evolution and success of blockchain technologies, and their participation in upgrades like Chang Upgrade #1 is vital for the growth and sustainability of the Cardano ecosystem.