Cardano’s Plomin Hard Fork: Will It Save ADA or Just Make It More Confusing? 🤔

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On Wednesday, January 29, Cardano’s Plomin hard fork will go live, ushering in a new era of decentralized governance for the proof-of-stake blockchain network. The Cardano Foundation, in a move that can only be described as “very official,” made the announcement on the X platform earlier today. This development could potentially reverse the downward trajectory of ADA, which, let’s be honest, has been about as stable as a three-legged dog on roller skates. 🐶💨

Currently, ADA is hanging on by a thread at $0.92, with a market cap of $32.94 billion. The 24-hour volatility is a thrilling 4.5%, which is just enough to keep investors on the edge of their seats, or perhaps just on the edge of their sanity.

The Plomin hard fork requires Stake Pool Operators to update their nodes and approve the upgrade through a 51% majority vote. As of last week, approximately 80% of nodes had already upgraded to the new version, which is great news for anyone who enjoys a good game of “Will They or Won’t They?”

“Tonight, Cardano evolves. 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. A milestone in blockchain governance.”

Cardano founder Charles Hoskinson has been pushing for decentralized governance for quite some time, probably while sipping a latte and pondering the meaning of life. He stated that Cardano’s Voltaire-era governance aims to strike a balance between decentralization and efficient decision-making, which sounds like a fancy way of saying, “We’re trying to make this less chaotic.”

In the past, Hoskinson has criticized Ethereum governance, claiming it’s largely centered around the influence of co-founder Vitalik Buterin. It’s like saying, “Hey, that guy is hogging the spotlight!” He also explained that Cardano’s new governance model promotes decentralization by distributing power and decision-making, which is a nice way of saying, “We’re all in this together, folks!”

Will Cardano (ADA) Price Stage Strong Recovery?

Amid the broader crypto market volatility, the Cardano (ADA) price has once again tanked under $1.0 and is currently trading at $0.91 with a market cap of $32.5 billion. The open interest for Cardano’s native token, ADA, has reached a record-breaking level, signaling a surge in market activity. This milestone reflects heightened investor interest and increased participation in $ADA futures trading, underscoring growing momentum within the Cardano ecosystem. Or at least, that’s what they tell us to keep our spirits up.

Source: Glassnode

Additionally, as per the data from Altcoin Pioneers, the current ADA price is pretty much similar to that in 2021, before the massive bullish breakout in the altcoin. A breakout above $0.9775 could trigger the ADA price rally all the way to $7.3. Yes, you read that right. Seven dollars and thirty cents! It’s like finding a twenty in your winter coat pocket, only to realize it’s actually a crumpled receipt.

Source: Altcoin Pioneers

The Cardano price needs a push from the overall crypto market, which will largely depend on the FOMC meeting outcome. A dovish US Fed stance will send the Bitcoin BTC soaring to $101,834, and altcoins will likely join the party, dancing like no one is watching. 💃🕺

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2025-01-29 18:44