Cardano, one of the leading blockchain networks, has taken a significant step towards decentralized governance with the successful launch of its highly anticipated Chang hard fork. This major upgrade, which occurred on September 1 at 21:44 UTC, marks a new chapter for the Cardano blockchain, introducing advanced voting mechanisms and improved smart contract functionalities.
The Chang upgrade, which took place at block 10764778, is part of Cardano’s ongoing efforts to enhance its governance model. According to reports, this upgrade is set to empower Cardano (ADA) tokenholders by enabling them to directly participate in the decision-making process of the network. This is a key feature of the Voltaire phase, a critical part of Cardano’s roadmap aimed at achieving true decentralization.
In a post on X (formerly known as Twitter) on September 2, the Cardano Foundation wrote, “Today’s Chang hard fork marks a major milestone for the Cardano blockchain, ecosystem, and community––fulfilling the promise of a truly self-governing, decentralized network.”
The Chang hard fork introduces Cardano Improvement Proposal-1694 (CIP-1694), a crucial element that facilitates on-chain participatory governance. This proposal allows ADA holders to either vote directly on governance actions or delegate their voting power to representatives. Additionally, it establishes a constitutional committee and introduces a new governance role for stake pool operators. These changes are expected to be gradually implemented over the next 90 days, ensuring a smooth transition to the new governance model.
The first phase of the upgrade is focused on “ensuring security and continuity during the governance bootstrapping phase,” according to the Cardano Foundation. The second phase, slated for 2025, will oversee the establishment and support of community-led self-governance initiatives within the Cardano ecosystem.
One of the notable advancements brought by the Chang upgrade is the enhancement of Plutus scripts, which are essential for governance. These scripts now support more sophisticated voting mechanisms, including decentralized autonomous organization (DAO) voting. Additionally, the upgrade introduces new cryptographic and performance improvements for smart contracts, further strengthening the blockchain’s capabilities.
Cardano’s co-founder, Charles Hoskinson, took to X on September 2 to share his thoughts on the upgrade. He emphasized the growth of the Cardano ecosystem over the years and highlighted the importance of the new governance model. “A day where the entire ecosystem, the community, every holder of ADA stands shoulder to shoulder as equals and they all have a say in the future not just of this protocol, but what this protocol can do for everyone in the world,” Hoskinson said.
Despite the significance of the upgrade, ADA’s market performance has not reflected the positive developments. The price of ADA dropped by 2.4% on the day of the hard fork, trading at $0.333 at the time of writing. This decline continues a trend that has seen ADA fall out of the top 10 cryptocurrencies by market capitalization, overtaken by newer blockchains such as Tron and Toncoin.
Furthermore, ADA is still down 89% from its all-time high of $3.09, which it reached exactly three years ago on September 2, 2021. The decline in ADA’s price highlights the challenges that Cardano faces in a highly competitive and rapidly evolving crypto market.
The successful implementation of the Chang hard fork is a major achievement for Cardano, bringing the blockchain closer to its goal of full decentralization. The upgrade introduces significant improvements to Cardano’s governance model and smart contract capabilities, laying the groundwork for a more robust and community-driven ecosystem.
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