The Plomin hard fork, set to go live on Wednesday, marks a significant milestone for Cardano by enabling decentralized governance.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
On Wednesday, January 29, Cardano’s Plomin hard fork will go live and will introduce decentralized governance to the proof-of-stake blockchain network. The Cardano Foundation made the official announcement on the X platform earlier today. This development could potentially reverse the downward trajectory of ADA ADA $0.69 24h volatility: 2.2% Market cap: $24.76 B Vol. 24h: $575.24 M price, thereby setting it up past $1.0 once again for the next leg of the rally.
The Plomin hard fork requires Stake Pool Operators to update their nodes and approve the upgrade through a 51% majority vote. As of last week, approximately 80% of nodes had already upgraded to the new version. In the official announcement, the Cardano Foundation noted:
“Tonight, Cardano evolves. 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.”
Cardano founder Charles Hoskinson has been pushing for decentralized governance for quite some time. Hoskinson stated that Cardano’s Voltaire-era governance aims to strike a balance between decentralization and efficient decision-making, addressing a gap in the blockchain industry.
In the past, the Cardano co-founder also criticized Ethereum governance saying that it’s largely centered around the influence of co-founder Vitalik Buterin. He also explained that Cardano’s new governance model promotes decentralization by distributing power and decision-making. The member organization, Intersect, comprising researchers and engineers, will work alongside elected community leaders to ensure governance decisions are informed by technical expertise and community input.
Amid the broader crypto market volatility, the Cardano (ADA) price has once again tanked under $1.0 and is currently trading at $0.91 with a market cap of $32.5 billion. The open interest for Cardano’s native token, ADA, has reached a record-breaking level, signaling a surge in market activity. This milestone reflects heightened investor interest and increased participation in $ADA futures trading, underscoring growing momentum within the Cardano ecosystem.
Source: Glassnode
Additionally, as per the data from Altcoin Pioneers, the current ADA price is pretty much similar to that in 2021, before the massive bullish breakout in the altcoin. A breakout above $0.9775 could trigger the ADA price rally all the way to $7.3.
Source: Altcoin Pioneers
The Cardano price needs a push from the overall crypto market whose market activity will largely depend on the FOMC meeting outcome. A dovish US Fed stad will send the Bitcoin BTC $93 135 24h volatility: 1.3% Market cap: $1.85 T Vol. 24h: $15.87 B and altcoins space surging higher once again.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
