Cardano Plomin Hard Fork to Introduce Decentralized Governance on January 29
On January 29, Cardano’s Plomin hard fork will launch, introducing decentralized governance to its proof-of-stake network. The Cardano Foundation announced this development, which may help reverse the declining trend of ADA price, targeting a return above $1.0.
Key points:
- The hard fork requires Stake Pool Operators to update nodes and achieve a 51% majority vote for approval.
- Approximately 80% of nodes have already upgraded.
- $ADA holders will gain voting power on key decisions like parameter changes, treasury withdrawals, and future hard forks.
- Charles Hoskinson emphasizes a balance between decentralization and efficient decision-making in governance.
- The Intersect organization will collaborate with community leaders to ensure informed governance decisions.
Current Market Context
ADA is trading at $0.91, with a market cap of $32.5 billion. Open interest for ADA futures has reached record levels, indicating increased investor activity and interest. A breakout above $0.9775 could lead to a rally towards $7.3.
Market conditions depend on the outcome of the upcoming FOMC meeting, which could influence broader cryptocurrency market movements.
Source: Glassnode
Source: Altcoin Pioneers