Cardano has initiated the Plomin hard fork, which represents a significant advancement in the network’s decentralization.
Cardano (ADA), a widely used proof-of-stake (PoS) blockchain, is currently at a critical juncture in its efforts to establish a decentralized governance system. As of January 18, 2025, Input Output Global (IOG), the primary organization responsible for Cardano, has affirmed that it will provide support for the Plomin hard fork on the mainnet.
“We are delighted to announce that Input | Output has voted in favor of the Plomin Hard Fork governance action,” as stated in a tweet.
This implies that the Interim Constitution’s conditions have been precisely met. Prior to this milestone, representatives of the IOG underscored the importance of internal and independent technical evaluations.
Moreover, the consensus criteria of the guardrail HARDFORK-04 have been met by updating over 85% of the active stake pools to the necessary client node versions of 10.1.3 or 10.1.4.
The Intersect Hard Fork Working Group has also submitted readiness reports, which serve as a testament to the network’s readiness for this upgrade. The Plomin activation is a constitutional milestone for Cardano in accordance with its decentralized governance plan.
Large-cap altcoins are exhibiting preliminary signs of a rebound as the adverse pressure in the cryptocurrency market becomes less severe. By 2025, Cardano has rapidly emerged as one of the most profitable assets in the cryptocurrency market.
ADA has successfully regained and traded above the $1 level after weeks of downward movement. The price of Cardano is currently the subject of speculation among crypto analysts.
Ali Martinez, a distinguished analyst, recently emphasized the existence of fractals, which are patterns in the price, as a sign that Cardano is on the brink of a substantial price movement. Martinez compared the current trend to the late 2020 rise of ADA, which soared from $0.4 to over $3, marking its apex.
In his analysis, he contended that Cardano could adhere to a comparable trajectory and could reach $6 within two to three weeks. This would result in a 400% increase from the current price. ADA is currently trading at $1.15, a 5% increase from the previous day and a 20% increase from a week ago. at the time of this writing.
Cardano’s DeFi ecosystem is expanding in addition to its price recovery. The total value locked (TVL) in Cardano protocols has increased by 25% in the year to date, from $430 million to $538 million.
Institutional and large-scale investors have significantly strengthened the value of Cardano. As Ada’s price has increased, blockchain analytics firm Santiment has observed an increase in whale transactions valued at over $100,000. The favourable outlook, increased trading, and increased confidence of institutional investors are all contributing factors to the increased activity.
Another factor that renders Cardano appealing to the market is its affiliation with the new US administration. According to reports, Charles Hoskinson, the founder of the company, is one of the potential members of President-elect Donald Trump’s crypto council. This council will provide guidance to the new administration on digital currency legislation.
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