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Cardano is set to transition to "full decentralized governance" following the activation of the Plomin hard fork on Wednesday.
What's the Scoop?
- Plomin Hard Fork Activation: Scheduled for Wednesday, the Plomin hard fork will introduce mechanisms enabling ADA holders to participate directly in governance decisions. Post-upgrade, ADA holders will have the authority to vote on protocol parameters, funding proposals, and other critical aspects of the network's development.
- Decentralization Milestone: This move positions Cardano to move in a better direction toward decentralization, distributing decision-making power across its community.
Bankless Take
Cardano's shift towards full decentralized governance marks a noteworthy development for the network. While Cardano's leadership has often been criticized for slow development on the network, ADA holders earning a direct say in the network's evolution could spell a brighter future. However, the success of this model will depend on active community engagement and effective implementation of governance mechanisms.
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