The Layer-1 Proof-of-Stake blockchain Cardano has successfully implemented its Chang hard fork, an upgrade that strengthens the network's shift towards decentralized governance.
Chang was officially completed with the recording of block 10764778 on September 1 at 9:44 PM UTC.
This upgrade launches the Conway Ledger era and marks the beginning of Cardano's Voltaire development phase, a phase to achieve fully decentralized governance.
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The Chang hard fork brings a major change to Cardano's governance model. Now, holders of ADA, the network's native cryptocurrency, can propose and vote on governance issues directly. This is possible through the new Cardano Improvement Proposal (CIP-1694), which introduces on-chain governance.
In the coming months, Cardano will introduce a constitutional committee, delegate representatives, and new governance roles for stake pool operators.
The Cardano Foundation highlighted the importance of this upgrade, stating:
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 upgrade's second stage, planned for 2025, will further empower the community to lead the network's self-governance.
Besides governance, the Chang upgrade also improves the Plutus smart contract platform, adding support for advanced voting mechanisms used in decentralized autonomous organizations (DAOs) and enhancing security and performance.
Cardano co-founder Charles Hoskinson celebrated the network's progress on X, noting that "the entire ecosystem, the community, every holder of ADA stands shoulder to shoulder as equals," with everyone having a say in the network's future.
Despite the successful upgrade, ADA's price dropped by 4.76% to $0.327 over the past day—89.44% lower than its all-time high of $3.10 reached on September 2, 2021.
Nonetheless, the upgrade is a major step forward for Cardano, bringing new governance tools and smart contract improvements that pave the way for the network's future.
In other news, the US Securities and Exchange Commission (SEC) has dropped its claims of ADA being a security in its lawsuit against Binance.
