Cardano Constitution, a one-of-a-kind multi-purpose codex of principles for the Cardano (ADA) ecosystem, its scaling, growth and tech development, is now one step closer to being ratified. Being green-lit by Constitution Committee, the draft awaits approval from DReps.
Cardano Constitution accepted by Committee, ADA community referendum arrives next month
According to the official statements by Cardano’s IOG and EMURGO, the first draft of the Cardano Constitution, a universal code of “provisions and guardrails” for the blockchain’s future, received an approval from Constitutional Convention 2024.
We’ve come a long way to make today happen.
The Cardano Constitution has been accepted, marking a defining moment in this journey toward fully decentralized governance. We still have one further crucial step to take as a community.
Next, in January, the approved text will be… https://t.co/BwKks69o9X
— Input Output (@InputOutputHK) December 6, 2024
Cardano Constitutional Convention took place in Buenos Aires, Argentina, on Dec. 5-6. It was attended by dozens of Cardano (ADA) enthusiasts, developers, investors and researchers from across the globe as well as by ADA stakers and delegators.
As this major milestone is accomplished, the document passes to the ADA community. In January 2024, DReps (Delegated Representatives) of Cardano (ADA) will either approve the document or reject it.
As per the CardanoScan explorer, there are about 800 DReps in the Cardano (ADA) ecosystem. Over half of them are active and allocated deposits of 500 ADA (roughly $600 in equivalent) as governance contributions.
Since the DReps referendum is set to happen in January 2025, ADA holders still have an opportunity to delegate their votes in favor of one of them.
As covered by U.Today previously, Cardano Constitution will be put on-chain before the start of the community referendum.
Cardano (ADA) DeFi TVL tripled in 30 days
Major governance accomplishments are registered amid the growth of on-chain activity on Cardano (ADA). Recently, the blockchain crossed the 100 million successful transactions milestone.
Also, its total value locked across all decentralized finance apps (DeFi TVL) metric went parabolic in the first days of December 2024. In just a month, it surged from $230 million to over $705 million.
Liqwid, Minswap and Indigo remain dominant Cardano-based DeFi applications being responsible for over 50% of this volume, DefiLlama tracker says.
