Cardano (ADA) Today Maybe Getting Its Most Important Update in History! Here's What You Need to Know

According to the recent announcement by the Cardano Foundation on X, the Cardano (ADA) blockchain will achieve full decentralization with the activation of the Plomin hard fork.

In its statement, the Foundation said, ‘Tonight Cardano is going through an evolution. The Plomin hard fork is coming into effect, signaling the transition to fully decentralized governance.’ It added, ‘ADA holders gain real voting power on parameter changes, treasury withdrawals, hard forks, and the future of the blockchain, marking a turning point in blockchain management.’

The approval process for the Plomin hard fork was completed last Friday after the fulfillment of three key criteria during Cardano’s interim governance phase:

• At least 85% of the staking pools have been upgraded to a new Cardano node version that can process protocol rules.
• More than (%51 of the ) SPO pool operators voted in favor of the upgrade.
• More than 67% of the Interim Constitution Committee’s (ICC) found the hard fork to be compliant with the rules.

The Cardano Foundation played a significant role in the process by confirming the ‘yes’ vote last Thursday. The Foundation also stated that it met all procedural requirements of the governance action, enabling CIP-1694 governance and integrating new Plutus primitives into the protocol.

The Plomin upgrade brings significant changes to Cardano’s governance and operational framework:

• The full activation of the CIP-1694 governance enables ADA holders to withdraw treasury funds, vote on new rule proposals, and participate in confidence voting.
• Decentralized Representatives (DReps) and the share pool operator (SPO) will initiate the voting process to strengthen the decentralized decision-making mechanism.
• Withdrawal of staking rewards will now be limited to accounts that delegate to a DRep, in line with the new governance model.