According to U.Today, the Cardano Constitution, a comprehensive set of principles designed to guide the Cardano (ADA) ecosystem's development and governance, has moved closer to ratification. The draft, which has been approved by the Constitution Committee, now awaits a community referendum scheduled for January 2024. This significant milestone was achieved during the Cardano Constitutional Convention held in Buenos Aires, Argentina, on December 5-6, 2024. The event gathered Cardano enthusiasts, developers, investors, researchers, and ADA stakers and delegators from around the world.
The next step involves the Delegated Representatives (DReps) of Cardano, who will either approve or reject the document. The CardanoScan explorer indicates that there are approximately 800 DReps within the ecosystem, with over half actively participating and contributing governance deposits of 500 ADA each, equivalent to roughly $600. The referendum provides ADA holders the opportunity to delegate their votes to a DRep of their choice before the decision-making process in January 2025.
In addition to the constitutional developments, Cardano has experienced significant growth in its on-chain activities. The blockchain recently surpassed 100 million successful transactions, marking a notable achievement in its operational history. Furthermore, the total value locked (TVL) in Cardano's decentralized finance (DeFi) applications has seen a dramatic increase. In the first days of December 2024, the TVL surged from $230 million to over $705 million. Key Cardano-based DeFi applications such as Liqwid, Minswap, and Indigo have been instrumental in this growth, accounting for over 50% of the volume, as reported by DefiLlama.
These developments highlight Cardano's ongoing efforts to enhance its governance framework and expand its DeFi ecosystem. The upcoming community referendum represents a crucial step in achieving fully decentralized governance, while the surge in on-chain activity underscores the platform's growing influence in the blockchain space.
