- Cardano launched Node 10.11, enabling a full on-chain governance model.
- The update allows ADA holders to delegate their voting power.
Cardano has officially introduced Node 10.11, a significant upgrade for its blockchain ecosystem that enhances decentralized governance capabilities. This mainnet release, launched by Intersect MBO on November 1, marks the network’s transition from a technical bootstrapping phase to a fully on-chain governance model, setting a new standard for user-driven decision-making on Cardano.
Node 10.11 provides essential enhancements to the governance of the Cardano ecosystem. Some of the new features include Stake Pool Operators (SPOs) casting their votes to the fixed options, making governance participation easier. Furthermore, Delegated Representatives (DReps) obtain an auto-abstain capability, allowing ADA holders who want to participate less actively in the voting process to do so.
This upgrade also incorporates enhancements to the ledger, command-line interface (CLI), application programming interface (API), and networking of Cardano to ensure robust on-chain voting and better user experiences. Intersect MBO notes that the Chang #2 upgrade finalises Cardano’s governance shift that began with the first Chang update and was bootstrap.
ADA Holders Take Active Role in Governance
In the new Chang #2 model, ADA holders are invited to be more involved in the decision-making of Cardano’s ecosystem. Following the first Chang on 1st September, the ADA holders have been able to delegate the governance powers to the DReps or express themselves, as previously reported by Crypto Key News.
With Chang #2, delegation becomes necessary for ADA holders who want to withdraw staking rewards, thus increasing the participation of the holders in decision-making in the network. The new proposal states that ADA holders can receive staking rewards without delegation; however, withdrawals will only be possible when the holder delegates their stake to a DRep or selects an auto-abstain or no-confidence option.
According to Intersect MBO, these measures will encourage ADA holders to interact with Cardano’s decentralized governance, thus bringing Cardano closer to the vision of a community-managed blockchain.
After the successful Chang #2 hard fork, the future of the Cardano blockchain will be decided by the decentralized governance procedures of CIP-1694. This structural evolution makes Cardano one of the key members of the blockchain industry, with a focus on openness and community.
Analyst Predicts Cardano Price Surge
As Cardano goes through this major overhaul of its governance structure, pseudonymous crypto analyst Madmaudo has predicted that Cardano may be finally experiencing the much-awaited price rally soon, possibly nearing the price of $3.10, which was the coin’s previous highest. Cardano (ADA), the world’s eleventh-largest cryptocurrency as per market capitalization, has been ranging between $0.3346 and $0.369 in the past month.
As Madmaudo highlighted in his analysis on Nov 2, Cardano’s price will break out from a multi-year descending triangle pattern that has contained its movement since it reached its yearly high at $0.7741 in March. Madmaudo anticipates ADA to rise by 88% and approach the former high as it converges towards a $3 benchmark.
Madmaudo’s analysis uses the Fibonacci retracement tool to explain potential levels that ADA may revisit on its way to the upside. He projects that ADA may first advance to $1.2253, corresponding to the 38.2% Fibonacci level, then rise further to $1.5808 and reach $1.9362 at the 61.8% level.
