V2 Upgrade Process - Deadline for Upgrade

Following the recent announcement of the protocol upgrade availability, the Algorand Foundation today is sharing that the upgrade has surpassed the 90% threshold required to accept the protocol upgrade, reaching nearly 100%.  All participants on Algorand will need to upgrade their protocol by accepting the binary within the next 10,000 blocks, which is estimated to occur by 4:30AM SGT, Wednesday 27th. 

As explained, the upgrade process includes a threshold where 90% or more of the block proposers state that they are ready for the next consensus version. Once the 90% threshold is met, everyone with the new binary now switches to speaking in the new consensus version at a point that is 10,000 block marks from when the 90% threshold occurs. 

The new features, which will be officially on MainNet, significantly expanding the range of decentralized applications (Dapps) and processes that can be built on the Algorand platform. For the first time, enterprise-scale Dapps can be built on the world’s first pure proof of stake (PPoS) blockchain, without sacrificing performance.

This update unlocks the ability to develop scalable blockchain-native solutions for real-world use cases. Algorand Standard Assets, Atomic Transfers, and Algorand Smart Contracts at Layer-1 are the new capabilities that have been built directly into Layer-1, providing the key benefits of speed, scalability, and finality.