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The Cardano community is buzzing with expectation as the much-awaited Chang 2 hardfork brings two significant updates this week.

In a recent tweet, Intersect, a member-based organization for the Cardano ecosystem, announced two major updates for the Cardano community this week: the preproduction hard fork governance action and the Daedalus governance update.

Intersect informed the Cardano community that the hardfork initiation governance action for the preproduction environment is now live. If enacted, this action is expected to bring protocol version 10.0 and full governance to PreProd.

Intersect noted that the update was based on experience and community feedback from the first Chang upgrade, which suggested that the time to test in preproduction needed to be increased before the mainnet hardfork. This governance action now looks to address this concern.

This action follows the ratification of the PreProd Protocol Parameter update, which updates the PlutusV3 cost model in preparation for the Chang hardfork. This parameter update includes new costs, which will enable the use of new Plutus primitives post-hardfork. The hardfork will be enacted on-chain once the governance action has sufficient SPO and ICC votes.

The second key update is the Daedalus governance update. Daedalus 7.0.0 will allow users to delegate their voting power to delegated representatives (DReps) or opt for an automatic voting option, ensuring that the Daedalus community has a say in Cardano's success.

Cardano Foundation launches first Financial Insights report

The Cardano Foundation, an independent, Swiss-based nonprofit organization dedicated to the advancement of Cardano's public digital infrastructure, launched its first Financial Insights Report today.

The report marks an important milestone in the organization's continuous dedication to the principles of transparency, ethics and community participation.

In 2023, the Cardano Foundation allocated $19.22 million to its three mutually reinforcing focus areas of operational resilience, education and adoption. In addition, $4.55 million were set aside for central operational costs as the Cardano Foundation increased its ability to support and drive crucial initiatives.

As of Dec. 31, 2023, the Cardano Foundation's assets were $478.24 million, with 82.5% owned in ADA, 10.1% in BTC and the remaining in USD liquidity. The Cardano Foundation will issue its next Activity Report 2024 in the first quarter of 2025, providing thorough insights into the initiatives and accomplishments of 2024.