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Cardano's Plomin Hard Fork: ADA Holders Gain Voting Power

Coin WorldWednesday, Jan 29, 2025 6:02 pm ET

1min read

Cardano’s Plomin Hard Fork Goes Live, Ushering in On-Chain Governance

The Cardano blockchain has successfully implemented the Plomin hard fork, marking a significant milestone in the network’s evolution. This upgrade, confirmed by the Cardano Foundation, introduces a new era of decentralization for the blockchain, granting ADA holders direct voting power over key network decisions.

The Plomin hard fork introduces multiple critical changes to Cardano’s governance and functionality. It enables all seven governance actions outlined in the Cardano Improvement Proposal CIP-1694, including treasury withdrawals, new constitution proposals, and votes of no confidence. Additionally, it activates decentralized representative (DRep) and stake pool operator (SPO) voting on applicable governance actions.

The Cardano Foundation hailed the Plomin hard fork as a turning point in blockchain governance, stating, “The Plomin hard fork takes effect, marking the transition to full decentralized governance. $ADA holders gain real voting power — on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future, a milestone in blockchain governance.”

The Plomin hard fork was officially approved last week for enactment after meeting all three necessary thresholds for such a transformation during the network’s interim governance period. The results showed that at least 85% of stake pools had elevated to a Cardano node version capable of processing the rules associated with the new protocol version. In addition, more than 51% of stake pool operators voted in favor of the upgrade, and over 66% of the Interim Constitutional Committee found that the hard fork was constitutional, setting the stage for Cardano’s transition to decentralized governance.

ADA was trading hands for $0.9465 as of press time, up 3.3% on the day, according to CoinGecko data. The token is up over 76% over the past year, outshining rival Ether’s 34% yearly growth. A powerful move above the $1 threshold could pave the way for further gains toward its current all-time high of $3.09.

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