Cardano is set to launch the much-anticipated Plomin Hard Fork later today, marking a milestone in its blockchain governance system. The upgrade will give ADA holders real voting power, allowing them to influence key decisions about the network’s future. Along with this major development, Binance has also announced its full support for the upgrade.
Key Points:
- Voting Power for ADA Holders: The Plomin Hard Fork will grant ADA holders the ability to vote on key blockchain decisions.
- Binance Supports Upgrade: Binance has confirmed its support, ensuring a smooth transition during the upgrade.
- ADA Price Volatility: ADA’s price has been on a downward trend, but the upgrade could set the stage for future gains.
The Plomin Hard Fork: Empowering ADA Holders
Cardano’s Plomin Hard Fork, scheduled for later today at 21:45 UTC, will be a game-changer for its community. The upgrade will provide ADA holders with real voting power, allowing them to make decisions on critical matters such as parameter changes, treasury withdrawals, and hard forks. This shift is seen as a significant step forward in blockchain governance, offering more direct involvement to the community.
This upgrade follows a successful approval process with 66.67% approval from the Cardano network, making the upcoming event a highly awaited one. Cardano calls it a ‘milestone’ that could potentially shape the future of blockchain governance.
Binance Steps In: Smooth Transition for ADA Users
In an official announcement, Binance confirmed its support for the Cardano network upgrade. The crypto exchange will suspend deposits and withdrawals of ADA around 20:45 UTC, coinciding with the network upgrade. However, Binance reassured users that trading will remain unaffected, and deposit/withdrawal services will resume once the upgrade concludes and the network is deemed stable.
This move from Binance adds an extra layer of confidence, ensuring that ADA holders on the platform won’t face any major disruptions during the transition.
ADA’s Price Movements: What’s Next?
As the Plomin Hard Fork approaches, ADA’s price is currently down 3.12% in the last 24 hours, trading at $0.9311. Despite a 7.98% drop in the past week, ADA has witnessed a 7.11% rise over the last month. The recent decline in price comes even as Cardano founder Charles Hoskinson publicly offered to assist in the governance of Dogecoin, highlighting the growing influence of blockchain technologies.
Many experts believe that with the upcoming upgrade, ADA could see significant price gains in the coming months. Some speculate that ADA could reach $7.5 by July 2025, driven by network improvements, increased ADA adoption, and a more sustainable ecosystem supported by active developers.
What’s Next for Cardano?
With the Plomin Hard Fork set to launch, all eyes will be on ADA and its governance structure. If successful, the upgrade could mark a turning point for Cardano, offering a glimpse into the future of decentralized blockchain governance.
