Cardano Moves to Full Decentralized Governance After Latest Upgrade

Cardano completed the activation of the “Bloomin” upgrade yesterday, marking a major step towards full decentralization of the network.

The upgrade will give ADA holders direct voting power over network decisions such as parameter adjustments, treasury withdrawals, and future hard upgrades.

After activation, Cardano will adopt a new decentralized governance model based on the Cardano Improvement Proposal CIP-1694, which includes a vote of no confidence and new proposals.

The Decentralized Representative Voting (DRep) mechanisms will also be activated and stake pool operators (SPOs) will be involved in decision-making.

The Cardano Foundation announced that the transition to decentralized governance represents a milestone in the blockchain world, after meeting all necessary requirements, including 85% of staking pools being upgraded to the new version, more than 51% of pool operators voting in favor of the upgrade, and 66% of the interim committee approving the legitimacy of the upgrade.

Currently at press time, ADA is trading at $0.95, up 4% in the last 24 hours according to CoinGecko data.

The coin has gained 76% over the past year, outpacing Ethereum’s 34% year-over-year growth.

The coin’s price breaking the $1 level could pave the way for further gains towards its all-time high of $3.09.