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Today is a big day for Cardano, as the much anticipated Plomin Hard Fork is set to be enacted tonight. According to Intersect, the mainnet hard fork governance action has been successfully ratified on-chain. In light of this, the Plomin hard fork will be enacted today at 9:44 p.m. UTC, Intersect announced.
Following the Chang upgrade, the Cardano blockchain entered into a bootstrapping phase of governance. The Plomin upgrade moves CIP-1694 out of the technical bootstrapping phase and unlocks the final features of on-chain governance, including DRep participation and all governance actions.
The Chang #1 upgrade transitioned the blockchain into a bootstrapping phase to prepare for the transition to full community governance. This phase included the drafting and approval of a draft Cardano constitution in December 2024.
When the Plomin hard fork is implemented, a voting system for ADA holders will be established. Everyone with an ADA can vote, either directly or through a delegated representative (DRep).
Tomiwabold OlajideThe Cardano Foundation celebrated this milestone in a recent tweet: "Tonight, Cardano evolves. The Plomin hard fork takes effect, marking the transition to full decentralized governance. Ada holders gain real voting power—on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future. A milestone in blockchain governance."
ADA price reaction
ADA's price had not yet reacted to the news of the Plomin hard fork enactment at the time of writing and was trading down. ADA is currently down 3.06% in the last 24 hours to $0.93, mirroring the declines on the broader crypto markets as investors await the Federal Reserve's first interest rate decision of 2025.
The rate decision announcement will be followed by a press conference by Fed Chair Jerome Powell at 2:30 p.m. ET, which markets will keenly monitor for hints about future monetary policy decisions this year.
Following three consecutive days of declines, which saw a drop to $0.856 in between, ADA slightly rebounded but remained down within 24 hours.
The first sign of strength will be a break and close above the 50-day SMA at $0.982. Cardano may then attempt to rally to $1.16 and $1.32. The bulls are defending the support at $0.85. In the case of a fall, that increases the likelihood of a drop to $0.80 and then to $0.76.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin