Proof-of-stake blockchain Cardano will switch to decentralized governance later Wednesday after the Plomin hard fork takes effect, Cardano Foundation, a non-profit organization backing the project, said on X.
“The Plomin hard fork takes effect, marking the transition to full decentralized governance. ADA holders gain real voting power – on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future,” Cardano Foundation said. “[It’s] A milestone in blockchain governance.”
Cardano’s ADA token changed hands at 93 cents at press time, up 1.4% on the day, according to data from CoinDesk and TradingView. A hard fork is a non-backwards compatible change to the blockchain’s programming.
The Plomin hard fork needs Stake Pool Operators to upgrade their nodes and approve the upgrade with a 51% vote. As of last week, nearly 80% of nodes had elevated to the new version.