Cardano (ADA) Chang Hard Fork Ready?

YEREVAN (CoinChapter.com) — In the rapidly evolving world of blockchain technology, Cardano’s (ADA) much-anticipated Chang hard fork has been a focal point of discussion. Originally slated for August 27, 2024, the hard fork represents a significant milestone in Cardano’s roadmap, promising to enhance the network’s scalability and security. However, as of the latest developments, the hard fork is not exactly “here” yet—despite some earlier signals of imminent deployment.

Cardano Hard Fork Set for August 27. Source: Stake with Pride Binance and Exchanges Reach Critical Readiness for Chang Hard Fork

Ensuring key stakeholders are fully prepared is crucial for a hard fork. This includes exchanges and wallets. Transitioning smoothly requires their complete readiness.Binance, the world’s largest cryptocurrency exchange by trading volume, has confirmed it’s ready for the Chang hard fork. This news comes at a critical moment, as exchange readiness has now reached a crucial level. Just four hours ago, Binance joined the ranks of exchanges fully prepared for the upgrade, according to Cardanoscan, a trusted block explorer.

But Binance isn’t alone in this. The number of exchanges signaling their readiness has jumped from 31 to 37 just this week. This is a big step forward, though not without some hiccups. They pushed the hard fork, originally set for August 27, back to September 1 because several exchanges, including Binance, which handles 15.73% of Cardano’s liquidity, weren’t quite ready.

Exchange Readiness Delays Lead to Postponement

On August 24, Charles Hoskinson, the founder of Cardano, announced the delay, explaining that more time was needed to ensure all major exchanges were fully prepared. At that point, only 64% of exchanges had confirmed their readiness, while the remaining 36% were either still in progress or had not yet started.

Chang Hard Fork Postponed. Source: Charles Hoskinson

Currently, 17% of exchanges are still in the process of updating their nodes, with HTX (formerly Huobi) leading this group, accounting for 7.25% of Cardano’s liquidity. Bitget follows with 4.13%. On the other hand, 11 exchanges, representing 19% of the total, have not yet begun preparations. The Lithuanian-based exchange P2B, which holds 3.21% of liquidity, is the most significant among them.

Cardano Chang Hard Fork Preparedness. Source: Cardano Comprehensive Wallet and SPO Readiness for Cardano’s Chang Hard Fork

The readiness isn’t limited to exchanges alone. Wallet providers, both hardware and software, have also shown strong support for the upcoming hard fork. Major hardware wallets like Ledger, Trezor, and Keystone, alongside light wallets like Lace, Nami, and Begin, have all signaled their readiness.

Light Wallets Readiness for Chang Hard Fork. Source: Intersect MBO Documentation

Moreover, Input Output Hong Kong (IOHK), the development company behind Cardano, has been proactive in ensuring the ecosystem’s preparedness. On August 20, IOHK announced an important update to the Daedalus wallet, further solidifying the foundation for the Chang hard fork. Stake Pool Operators (SPOs) have also shown overwhelming support, with 92% already indicating their readiness.

Daedalus 6.0.0 Release for Chang Hard Fork. Source: Input Output HK

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