As a seasoned analyst with over two decades of experience in the tech and finance industries, I find myself intrigued by the developments within the Cardano (ADA) ecosystem. The ratification of the Cardano Constitution, akin to drafting the U.S. Constitution 2.0 for the blockchain world, is an exciting step towards decentralized governance.
The unique, all-purpose guidebook for the Cardano (ADA) ecosystem, known as the Cardano Constitution, moves a step closer to official approval. Having been endorsed by the Constitution Committee, the proposed document now requires validation from the DReps.
Cardano Constitution accepted by Committee, ADA community referendum arrives next month
Based on reports from Cardano’s IOG and EMURGO, the initial version of the Cardano Constitution, which serves as guidelines for the blockchain’s future including provisions and boundaries, has been endorsed by the Constitutional Convention in 2024.
We’ve made significant strides to reach today’s milestone.
— Input Output (@InputOutputHK) December 6, 2024
The Cardano Constitutional Convention occurred in Buenos Aires, Argentina, from December 5th to 6th. This event attracted numerous supporters, developers, investors, and researchers of Cardano (ADA) worldwide, along with ADA stakeholders and delegators.
Once this significant achievement is reached, the document gets transferred to the Cardano (ADA) community for review. By January 2024, Delegated Representatives (DReps) of Cardano will have the power to either endorse or decline the document.
In the realm of Cardano (ADA), I’ve noticed through CardanoScan that approximately 800 DReps exist. Interestingly, more than half of these are actively participating, with each contributing around 500 ADA for governance purposes. This equates to roughly $600 in equivalent value.
As the DReps referendum is scheduled for January 2025, ADA holders still have a chance to cast their votes in support of one of the candidates before then by delegating their votes.
Previously discussed by U.Today, I’m preparing to embed the Cardano Constitution onto the blockchain prior to initiating the community referendum. This way, it will be transparently accessible to all stakeholders.
Cardano (ADA) DeFi TVL tripled in 30 days
Notable achievements in governance have been recorded as on-chain activities on the Cardano (ADA) blockchain continue to surge. Just recently, this blockchain reached a significant milestone of 100 million successful transactions.
As a crypto investor, I’ve witnessed an incredible surge in the Total Value Locked (TVL) across all DeFi applications in the opening days of December 2024. Starting at around $230 million, this metric skyrocketed and reached over $705 million within a single month.
The top DeFi applications built on the Cardano platform are currently led by Liqwid, Minswap, and Indigo, collectively handling more than half of the total volume, according to DefiLlama’s tracking data.
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2024-12-07 16:52