Cardano is set to launch Plomin Hard Fork later today to further strengthen the ecosystem’s governance. ADA holders will then hold real voting power. Thereby, boosting bullish sentiments around ADA with the token speculated to mark upticks in the future. The development comes at a time when ADA prices are declining significantly in the market.
Cardano Grants Voting Power to ADA Holders
In a massive development, Cardano has officially scheduled the most-anticipated Plomin Hard Fork for tonight at 2025-01-29 21:45 (UTC). It will hand over real voting power to ADA holders. Members of the Cardano ecosystem, according to an official Cardano Foundation X post, will then be able to vote on major aspects including, but not limited to, parameter changes, treasury withdrawals, hard forks, and the future of the blockchain. Cardano has called this a ‘milestone’ in blockchain governance.
The Plomin Hard Fork was approved last week with an approval threshold of 66.67%. All votes were counted except for the Eastern Cardano Council because it did not vote during the process. Nevertheless, the Action Constitutionality concluded the process and declared the approval for Plomin Hard Fork.
Binance to Support Cardano Network Upgrade and Hard Fork
Binance has announced that it will support the Cardano Network upgrade and Plomin Hard Fork. Binance, in the official announcement, said that the platform will suspend deposits and withdrawals of ADA at approximately 2025-01-29 20:45 (UTC), and the network upgrade will happen around the same time. The objective is to offer a seamless experience to users. Binance is expected to resume deposit and withdrawal services of ADA when the Cardano network upgrade concludes and is deemed suitable for resumption.
Binance has confirmed that it will handle all technical requirements for its users. The platform has also confirmed that trading of tokens on the network will not be impacted during this time.
ADA Price Movements
ADA price is down by 3.12% over the past 24 hours, exchanging hands at $0.9311 which further reflects a drop of 7.98% in the last 7 days and a surge of 7.11% in the last month. Notably, the ADA price decline comes despite Charles Hoskinson coming out to help the governance project of Elon Musk, DOGE. Hoskinson had offered to help when he came across Elon Musk’s intention of using blockchain to bring down government waste.
ADA, however, is now poised to surge significantly and breach a higher milestone. It is speculated that several reasons could help the ADA price reach $7.5 by July this year. This includes network advancements, ADA adoption, BTC liquidity, and developers contributing to improving the sustainability of the ecosystem.
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