Cardano Lite Wallet Lace Unveils Chang-Ready Features
Decentralized governance aligns with core blockchain principles.
Decentralized governance is all about involving the community in the decision-making process, rather than relying on a single individual or small group. This approach reflects the core principles of blockchain technology, giving control of a project’s future to stakeholders instead of a centralized authority. Sponsored
Cardano took a major step toward decentralized governance with the Chang upgrade on July 25. While full activation of the Chang hard fork depends on meeting specific conditions, Lace Wallet has announced the release of Chang-ready features to prepare for its imminent implementation.
Cardano lite wallet Lace has proactively embraced community-driven governance with its latest 1.14 update. This update makes the Lace Wallet Chang-ready ahead of the upgrade’s full activation.
The update includes CIP-95 implementation, a key element of the Chang upgrade. CIP-95 facilitates interactions between webpages, wallets, and the Chang upgrade, complementing the broader governance changes in CIP-1694. This will allow ADA holders to participate in governance activities, such as selecting delegated representatives, through their wallets.
In addition to governance features, the Lace 1.14 update improves overall performance with reduced memory usage and a more streamlined user interface, thanks to various bug fixes and optimizations. While these features are now available on Lace Wallet, their full functionality will depend on the Chang upgrade’s activation.
Initiating the Chang upgrade depends on meeting specific network thresholds. To trigger the hard fork, exchange liquidity must reach 80% and 70% of Cardano’s Stake Pool Operators (SPOs), and the latest 9.1.0 node version must be implemented. Sponsored
The latest data on Chang readiness shows mixed progress. SPOs have exceeded their required threshold, with 79% now stake ready, marking a significant step toward decentralized governance. However, exchange liquidity lags, currently at just 27%, far short of the 80% target.
Analysis of exchanges showed that HTX and Poloniex, which hold the greatest share of exchange liquidity at 10.85% and 9.98%, respectively, have yet to start the Chang upgrade process.
On the Flipside
Reaching consensus via decentralized governance models can be cumbersome due to differing opinions and interests.
Polkadot’s $37 million marketing overspend in H1 was partly due to decentralized governance as token holders voted for the expenditure.
Why This Matters
While Lace Wallet leads the charge in Chang readiness, the broader implications of decentralized governance for Cardano are yet to be fully realized.
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