ADAcoin To The Moon? How will the approval of Cardano's constitution and the upcoming referendum in early next year affect governance?

A global governance milestone

Cardano has made significant progress at the 2024 Constitutional Convention in Buenos Aires, Argentina. The draft constitution aims to be the core governance code of the Cardano blockchain ecosystem, providing guiding principles for scalability, growth, and technological development. Currently, the draft constitution has been approved by the Constitutional Committee and will be voted on by approximately 800 Decentralized Representatives (DReps) in January 2025.

Image source: The constitution draft of X Cardano has received 95% approval and has been approved by the Constitutional Committee. It will be voted on by decentralized representatives in January next year.

The three-day conference attracted 120 elected representatives and alternate representatives from around the world, who participated in the final drafting process of the constitution together. The conference also symbolizes Cardano's commitment to decentralization and inclusivity, especially by holding such events in Latin America and Africa, further highlighting the potential of these regions in Blockchain technology development. It is worth noting that Argentina has become an important hub for Blockchain technology, with a total Cryptocurrency deposit amount of up to 9,100 billion NTD from July 2023 to June 2024.

Image Source: X Cardano recently held the 2024 Constitutional Convention in Buenos Aires, Argentina

Will the blockchain's future be decided by next January's referendum?

With the further advancement of the Cardano Constitution, the responsibility of voting will be handed over to the DReps within the ecosystem. These decentralized representatives are elected by the community and hold allocated ADA tokens as their governance weight. There are over 400 active representatives, each of whom needs to deposit 500 $ADA (approximately NTD 18,000) as a governance contribution.

Voting will be conducted in the form of on-chain governance. If the constitution is approved, it will open up a decentralized treasury worth billions of dollars for Cardano, funding future development and innovation. At the same time, the adoption of this constitution will also provide a framework for the future operation of the blockchain, further consolidating Cardano's position as a blockchain innovation leader.

During this process, ADA holder still has the opportunity to delegate voting rights to DReps to further participate in this historic decision-making. Cardano founder Charles Hoskinson also delivered a speech at the constitutional convention: 'The convention demonstrates the strong power of the global community. We are building a blockchain future driven by and for users.' And jokingly posted on X: 'Cardano is now a digital nation, and many citizens are also in law enforcement. Is the FBI going to start a large-scale investigation?'

Image source: YouTube. Cardano founder Charles Hoskinson also delivered a speech at the Constitutional Convention.

The ecological system becomes more active, and governance innovation deepens.

In addition to the progress of the constitution, the Cardano ecosystem has also shown a strong momentum of growth recently. As of December 2024, Cardano has successfully completed more than 100 million transactions, while the total locked value (TVL) of Decentralized Finance has surged from NT$6.9 billion to NT$21.2 billion in just one month, which is amazing. Among them, Liqwid, Minswap, and Indigo are the main Decentralized Finance applications, contributing to over 50% of the locked volume.

Cardano's constitution is not only a governance document, but also a testament to global collaboration. Since its launch two years ago, the constitution has undergone more than 65 workshops in over 50 countries and has received input from over 1,200 participants. This global effort not only deepens the spirit of Decentralization of Cardano, but also lays the foundation for its future technological innovation.

The adoption of the Cardano Constitution symbolizes a new chapter in Block chain governance, especially in terms of Decentralization representation, on-chain voting mechanisms, and transparent decision-making. As the community voting day in January 2025 approaches, this decision not only affects the future of Cardano itself, but may also have a profound impact on the governance model of the entire Block chain industry. For Block chain enthusiasts and investors, this is undoubtedly a milestone event worth following.

Further Reading Something went wrong! The Cardano community has been hacked with 'fake coins' and 'fake SEC warnings'. How will the official respond? National recognition of blockchain! Argentina makes smart contracts legal, Cardano becomes the first approved platform

【Disclaimer】The market carries risks, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.

The article 'Will ADAcoin To The Moon? Cardano Constitution Approved, Public Referendum in Early Next Year, How Will It Affect Governance?' was first published in 'encryption city'.