Binance and Coinbase Gear Up for Major Cardano Upgrade
Cardano is on the verge of completing its preparations for the highly awaited Protocol Version 11 upgrade, also known as 'van Rossem.'
Recent data from the ecosystem indicates that the layer-1 blockchain is nearing full readiness for the upcoming hard fork. Influential cryptocurrency exchanges like Binance and Coinbase have communicated their readiness for operational support.
Important Steps Before Launch
While the upgrade is nearly prepared for implementation, it still requires the final approval from the Constitutional Committee (CC).
Understanding the 'van Rossem' Hard Fork
The hard fork has been named in memory of the late Max van Rossem, acknowledging his significant role in advancing the Cardano community and its governance framework. Technically classified as an 'intra-era' hard fork, V11 allows for the introduction of new features and protocol optimizations without the need to transition to a new blockchain era, thereby minimizing potential disruptions.
Cardano's ecosystem contributors share that the upcoming hard fork will facilitate cheaper smart contracts, incorporate ZK-ready cryptography, and introduce some new built-in functions. The van Rossem upgrade is expected to serve as a transition to Cardano's next Dijkstra era.
Current Status and Future Readiness
For the van Rossem hard fork to proceed, decentralized approval from multiple independent participants is essential. The network has already conducted successful hard forks on its Preview and Preprod testnets to ensure stability ahead of the official rollout.
On-chain metrics reveal substantial support and operational preparedness among stakeholders. Stake Pool Operators (SPOs) have swiftly upgraded their systems, with 88% of the blocks minted over the past week being produced using the V11 node software.
Notably, both Binance and Coinbase, as leading global cryptocurrency exchanges, have expressed their support for this significant upgrade, confirming that the necessary voting thresholds from Delegated Representatives (DReps) and SPOs have been met.
