Cardano Plans Plomin Hard Fork to Enhance Community Governance
Cardano is set for an upgrade with the Plomin hard fork, scheduled for later this month. This upgrade aims to establish fully decentralized governance, reducing reliance on a central authority.
Key Points of the Plomin Hard Fork
- The upgrade marks the end of a key development phase for Cardano.
- It is part of the Cardano Improvement Proposal (CIP-1694) aimed at self-governance.
- The voting process began on December 20, 2024, requiring approval from Stake Pool Operators (SPOs) and the Intersect Constitutional Committee (ICC).
- Voting will occur in rounds on January 14, 19, and 24, with a final decision expected by January 29.
- 79% of SPOs have upgraded to Node version 10 and are currently supporting the hard fork.
- Out of 213 SPOs who voted, 209 supported the upgrade, representing 17% of the total stake. A minimum of 51% support is needed for ratification.
DApp and Exchange Preparedness
- Many decentralized applications (dApps) are preparing for the Plomin upgrade, which may affect their operations.
- Early supporters include Danogo, Fluid Tokens, Genius Yield, Minswap, Snek.fun, Splash, Summon, Tempo, and Wanchain.
- Major exchanges like Coinbase, Crypto.com, and Kraken are also ready for the upgrade.
- This upgrade signifies both a technical change and a cultural shift, potentially influencing other blockchains.