Cardano is set to launch the Plomin Hard Fork later today in an effort to further strengthen the governance of its ecosystem. This update will grant ADA holders real voting power, reinforcing the positive sentiment around ADA. This important move by Cardano comes at a time when the ADA price has been seeing a significant decline in the market.
Cardano Grants Voting Rights to ADA Holders!
Cardano, one of the leading projects in the blockchain world, will make a major innovation with the Plomin Hard Fork. Thanks to this update, ADA holders will have real voting rights on important decisions regarding the ecosystem. According to the official statement of the Cardano Foundation, ADA holders will be able to vote on issues such as parameter changes, treasury withdrawals, hard forks, and the future of Cardano. However, these voting rights will be limited to these issues only. Cardano describes this move as a ‘milestone’ in Blockchain governance.
Plomin Hard Fork Confirmed and Binance Support
Last week, the Plomin Hard Fork was approved with a 66.67% approval rate. After the Cardano Council did not vote, the Action Constitutionality process ended and the Plomin Hard Fork was approved. On the other hand, major crypto exchange Binance announced that it will support the Cardano network upgrade and the Plomin Hard Fork. Binance will suspend ADA deposits and withdrawals as of 23:45 UTC, and the network upgrade is expected to be completed at the same time. Binance announced that ADA deposits and withdrawals will resume after the network upgrade is complete. The platform also stated that ADA trading volume will not be affected during this period.
ADA Price Drops, But Future Rise Expected High
As of today, ADA is trading at $0.9179, down 4.4% in the last 24 hours. It has fallen 8.11% in the last 7 days, while it has risen 7.38% in the last month. Cardano CEO Charles Hoskinson is also on the agenda with his offer to help Elon Musk’s proposed governance project for DOGE. However, as ADA approaches a major milestone, a significant recovery is expected in its price. Some analysts predict that ADA could rise to $7.5 in July this year. These estimates are based on factors such as network developments, increased adoption of ADA, BTC liquidity, and developers contributing to the sustainability of the ecosystem.