Binance through its official channels claimed readiness for the Cardano Chang hard fork increasing the readiness level of exchanges. The team originally planned the upgrade for the 27th of August. But, shifted it to the 1st of September because some exchanges were not prepared.
Earlier this week, August 24 to be precise, the founder of Cardano, Charles Hoskinson made the announcement. In that period, only 31 exchanges were ready to accept the hard fork. Of the total $41 million liquidity, 73% were in the exchanges. Those needed more time to comply with Cardano exchange requirements.
Now, Binance has joined 37 exchanges that are now ready for such an upgrade. Other platforms of a similar size are Bithumb, Bybit and Gate. The Ministry of internal affairs and other stakeholders have also prepared as well. Nevertheless, Bitfinex preceded others in signaling its readiness after it revealed it’s plans in the early part of the month.
We can also consider the introduction of the Chang hard fork a positive development for the Cardano ecosystem. Exchange readiness needed to achieve an exchange. Currently, there is 64 % of exchanges that are already ready for it. While, 17 % exchanges are still preparing for it. Some of them are HTX (formerly Huobi) and Bitget that are leading this progress with 7.25% and 4.13% liquidity.
But 11 exchanges in particular have not begun preparing. P2B is a Lithuanian exchange which at present is only 3 years old. With regard to preparation for contingencies, respondents with liquidity of less than 21% are the highest that indicates that they have insufficient preparation.
Furthermore, most of the wallets supported on Cardano are ready for exchange as well. Currently, Ledger, Trezor, and Keystone of the hardware wallets have come forward with their support. The light wallets such as Lace and Nami are also ready This implies that all the light wallets within this application are ready for live use. IOHK which has been working on the development of the Daedalus wallet released an important statement on 20th of August.
At present, 92% of SPOs confirmed their readiness for the update and assure that Cardano’s ecosystem is prepared for it.
