After successfully completing the scaling and performance-based Basho phase, the Cardano Foundation has made an important announcement regarding the transition to decentralized governance with Voltaire. According to data from Cardanoscan, it was revealed that 24% (14) of exchanges were prepared for the transition, 36% (21) were in progress, and 40% (23) still needed to begin working towards the transition.
Further insights from Cardanoscan indicated that exchanges were 31.97% liquidity-ready, stake pools were 80.90% stake-ready, and 33.04% (1024 out of 3099) of stake pools were fully prepared. Stake Pool Operators (SPOs) that had upgraded to support the Chang hard fork had already minted 52.82% of blocks, as highlighted by Cardano enthusiast Dave. The Cardano Foundation emphasized the critical role of SPOs in maintaining network stability, integrity, and block production.
Looking ahead, Cardano is gearing up for the Voltaire era as the Chang hard fork approaches. The CEO of IOG, Charles Hoskinson, confirmed the readiness of Cardano Node 9.0 for the Chang fork, indicating a need for 70% of SPOs to install the new node before the transition to full Voltaire governance. Utilizing a hard fork combinator (HFC), Cardano has demonstrated smooth version-to-version transitions without disrupting blockchain operations.
In addition, renowned figures in the crypto industry like Philip DiSarro of Anastasia Labs have pointed out Cardano’s potential to dominate the zero-knowledge (ZK) scaling arena post-Chang hard fork. DiSarro highlighted the integration of Plutus v2 after the fork to facilitate smart contract development efficiently. This capability positions Cardano as a frontrunner in the ZK scaling race by enabling complex computations required for ZK proofs and high-speed ZK rollups.
Despite these advancements, data from Coingecko revealed a 60% decline in the price of ADA token, Cardano’s native cryptocurrency, since March 2024, settling at $0.34 in August. This price trend is in stark contrast to the promising developments surrounding the Chang hard fork, signaling a potential buying opportunity for investors interested in the long-term potential of Cardano’s innovative ecosystem.
