Cardano (ADA), a popular proof-of-stake (PoS) blockchain, is at a crossroads in the process of developing a decentralized governance system. Input Output Global (IOG), the main company behind Cardano, has confirmed that it will support a Plomin hard fork on the mainnet starting January 18, 2025.
According to A tweet, “We are pleased to share this input | Today the Director voted ‘yes’ on the Plomin Hard Fork governance action.”
This means that all the conditions contained in the transitional constitution have been met to the letter. IOG representatives confirmed that there had been an internal and independent technical evaluation prior to this achievement.
Furthermore, more than 85% of active stake pools have been updated to the required client node versions 10.1.3 or 10.1.4 to meet the consensus rules of the HARDFORK-04 guardrail.
Intersect’s Hard Fork Working Group also provided readiness reports that serve as a testament to the network’s readiness for this upgrade. The activation of Bloomin is a constitutional milestone for Cardano according to its decentralized governance plan.
Is there a 400% markup on ADA cards?
As the downward pressure in the cryptocurrency market becomes less severe, large-cap altcoins are showing early signs of a return. Cardano is quickly becoming one of the best performing assets in the cryptocurrency market by 2025.
After weeks of downward movement, ADA was able to recover and trade above the $1 level. Cryptocurrency analysts are now speculating on the next move for Cardano price.
Noted analyst Ali Martinez recently Highlight Fractals – These are patterns in the price, indicating that Cardano is about to experience a significant price movement. Martinez likened the current trend to the ADA rise in late 2020, which jumped from $0.4 to more than $3, which is its peak.
In his analysis, he said that Cardano could follow a similar trend, and could reach $6 in two to three weeks. This means a 400% premium to the price it is currently trading at. At the time of writing this article, ADA is selling at $1.15, which is approximately 5% higher than its value the day before and 20% higher than it was a week ago.
High ADA TVL
Aside from the price recovery, Cardano’s DeFi ecosystem is also growing. The total value locked (TVL) in Cardano protocols has increased by 25% year to date, from $430 million to $538 million.
Institutional investors and large investors have contributed significantly to the rise in Cardano’s price. According to blockchain analytics firm Santiment, whale transactions worth more than $100,000 rose as the price of Ada rose. This increased activity is attributed to increased institutional investor confidence, increased trading, and support for bullish expectations.
Cardano’s association with the new US administration is another factor that makes it attractive to the market. The company’s founder, Charles Hoskinson, is said to be among the potential members of President-elect Donald Trump’s cryptocurrency council that will advise the new administration on cryptocurrency laws.
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