The Cardano Foundation is moving towards increased decentralization in its governance structure as it prepares for the Chang hard fork upgrade. The foundation announced its new role in the Interim Constitutional Committee (ICC) and its readiness for the upcoming changes.
The proposed governance model aims to enhance Cardano’s governance structure by promoting transparency and robustness. It will introduce features such as stake pool operators (SPOs), constitutional committees, and delegate representatives (DReps) to ensure diversity, accountability, and inclusivity in the ecosystem.
To ensure stability in the network, the foundation will become an ICC member and participate in the ICC election. The ICC will oversee governance actions during the transition phase between the Chang 1 and 2 upgrades, including hard fork initiations, parameter changes, and informational actions.
Top candidates for the ICC election were selected based on their commitment to the Cardano network, transparency, technical expertise, and community engagement. The foundation cast its vote with 20 million ADA, emphasizing transparency in the voting process.
Despite recent price declines, trading activity for ADA has increased, with the trading volume rising by 10% in the past 24 hours. However, the open interest in Cardano futures has decreased, signaling fewer traders betting on ADA’s future price movements.
It is important to conduct thorough research and assess risk tolerance before making any financial decisions related to cryptocurrency, a highly volatile and high-risk asset class.