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Cardano's Plomin Hard Fork Empowers ADA Holders with Decentralized Governance

Coin WorldWednesday, Jan 29, 2025 1:01 pm ET

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Cardano's Plomin Hard Fork Paves the Way for Potential Decentralized Governance and Enhanced Voting Power for ADA Holders

Cardano (ADA-USD) has taken a significant step towards full decentralized governance with the successful implementation of the Plomin hard fork on Wednesday. This upgrade grants ADA holders direct voting power over key blockchain decisions, as announced by the Cardano Foundation. The Plomin hard fork marks the transition to full decentralized governance, empowering ADA holders to influence parameter changes, treasury withdrawals, hard forks, and the blockchain's future.

The hard fork's success relied on Stake Pool Operators (SPOs) upgrading their nodes and approving the upgrade with a 51% majority. As of last week, nearly 80% of nodes had already transitioned to the new version, according to Emurgo, a key voting member of Cardano's Interim Constitutional Committee (ICC). This high level of support indicates a strong commitment to the upgrade and the community's enthusiasm for decentralized governance.

Despite the major upgrade, ADA's price has remained sluggish, falling over 7.9% over the past few days to hover around $0.91. However, analysts point to a symmetrical triangle pattern that could push ADA toward a $1.90 breakout, representing a 108% increase from current levels. The 50-day small moving average (SMA) remains a key resistance point at $0.962, making the next few days crucial for ADA's price action.

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