Cardano Gets Constitutional Approval Amid Ecosystem’s Growth

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As a seasoned researcher with a keen interest in blockchain technology and digital currencies, witnessing Cardano’s Constitutional Conference was nothing short of inspiring. The approval of the Constitution, with an overwhelming majority in favor, marks a significant milestone not just for Cardano but for the entire blockchain community.

Cardano has reached a major milestone with the approval of its Constitution during a global convention held in Argentina and Kenya on December 5-6.

This gathering assembled developers, investors, researchers, holders of ADA (Cardano’s native cryptocurrency), and those who delegate their ADA, with the goal of influencing the management and shaping the future of the Cardano blockchain network.

Cardano Community Secures Network’s Future With New Constitution

At the Cardano Constitutional Conference, a staggering 95% (or 60 out of 63) of the attendees endorsed the adoption of the Constitution. This fundamental blueprint will serve as our compass for managing the network’s governance, scaling, and technological developments. It encompasses strategies for sustainable growth, wise decision-making, and efficient Treasury administration.

In his address, Cardano founder Charles Hoskinson described the approval as the culmination of years of work. He expressed confidence that the Constitution would empower the community to drive the network’s evolution, emphasizing its importance in making Cardano more resilient and capable.

In simpler terms, Charles Hoskinson expressed that Voltaire’s significance is immense, and so too is the importance of what you’re doing here. By doing this, we gain more knowledge and abilities. The flags weren’t merely symbols; they represented tens to hundreds of millions of individuals – each person behind those flags could potentially be a part of our community. All that made them unique can become our qualities as well.

Significantly, Hoskinson emphasized before that the Constitution plays an essential part in handling intricacies like Treasury policies. He detailed how Cardano could potentially own assets including wrapped Bitcoin if it becomes a decentralized finance (DeFi) layer centered around Bitcoin.

The Constitution provides guidelines for establishing a legal entity to combat malicious users on the network, a move that aligns with Cardano’s wider vision during the Voltaire era, which emphasizes decentralization and governance by the community.

Moving forward, the accepted Constitution will transition onto the blockchain next month, allowing for scrutiny and approval by Decentralized Representatives (DReps). As per CardanoScan Explorer, there are approximately 800 DReps within the ecosystem, with over half actively participating in the process.

At a time of significant expansion for Cardano, this notable accomplishment has been reached. As reported by Input Output Global (IOG), the network recently exceeded 100 million total transactions following the addition of 2.65 million new transactions in November alone. Moreover, the number of projects built on Cardano has grown to 1,979, with 603 new initiatives added.

Furthermore, the Decentralized Finance (DeFi) environment linked with Cardano has seen a substantial increase, as the Total Value Locked (TVL) rose from $228 million at the beginning of November to $686 million now. Simultaneously, ADA, the native token of Cardano, has soared by 184% over the past 30 days. At present, ADA is trading at $1.20, representing a threefold increase in value compared to its price last month.

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2024-12-08 14:11