thecryptobasic.com
The Cardano network is about to welcome its most significant upgrade in history, and various stakeholders are showing readiness.
Remarkably, Bitfinex has emerged as the first crypto exchange to signal readiness for the Cardano Chang hard fork.
First Exchange Ready for Cardano Technical Upgrade
Data from a dedicated tracking site reveals that out of over 55 centralized exchanges being monitored, Bitfinex is the only entity prepared for the Cardano network upgrade.
On the other hand, 11 exchanges are currently in the process of supporting the Cardano blockchain upgrade, while 43 have yet to commence.
As of the latest update, Binance, the largest crypto exchange with the highest ADA token liquidity, is among those making progress. Other exchanges with ongoing efforts include Coinbase, the largest U.S.-based exchange, Bitget, Gate.io, KuCoin, and MEXC.
Exchanges that have not started but are aware of the requirements include WhiteBIT, Changelly, Upbit, Bitrue, HTX, and Crypto.Com. Notably, HTX and WhiteBIT have high ADA token liquidity, even higher than Coinbase.
To be ready, Stake Pool Operators (SPOs) must install the latest Cardano Node 9.1.0. software. This update is a prerequisite for the Chang hard fork, which can only be initiated once at least 70% of Cardano SPOs have adopted the new node software.
Yesterday, NBX announced on its social media channel that it had successfully upgraded its exchange to Cardano Node 9.1.0, preparing it for the Chang hard fork. However, it is worth noting that NBX’s readiness status is not being tracked on the dedicated portal.
Other Ready Stakeholders
Beyond crypto exchanges, other stakeholders within the Cardano ecosystem are largely prepared for the upcoming upgrade.
Notably, the Core Infrastructure Components, which comprise the technologies integrated within the Cardano Node and essential tools such as Consensus, Plutus Core, and Cardano CLI, have already completed their preparations and are ready to support the Chang hard fork.
What Cardano Chang Hard Fork Means
Significantly, the Cardano Chang Hard Fork is a pivotal upgrade that will propel the network into its final development phase, the Voltaire era.
The upgrade aims to achieve true decentralization by allowing participants to submit proposals and vote on them. Ultimately, this will transition the network out of IOHK’s management and mark a major milestone in Cardano’s history.
Notably, Cadano enthusiasts anticipate that the upgrade could be crucial in propelling ADA’s price to the moon, as observed in the last occurrence.