Everything You Need to Know About Cardano’s Upcoming Hard Fork – BlockNews.com
😲 Cardano is gearing up for the Plomin hard fork upgrade expected in January 2025, which will bring full decentralized governance to the mainnet. Several decentralized applications (dApps) and major exchanges have signaled their readiness for the Plomin hard fork. For the upgrade to pass, at least 51% of stake pool operators need to vote "yes"
- Cardano is gearing up for the Plomin hard fork upgrade expected in January 2025, which will bring full decentralized governance to the mainnet.
- Several decentralized applications (dApps) and major exchanges have signaled their readiness for the Plomin hard fork.
- For the upgrade to pass, at least 51% of stake pool operators need to vote “yes” by January 29, 2025, when the governance action expires.
Cardano, a significant player in the blockchain ecosystem, is preparing for a substantial upgrade with the expected Plomin hard fork in January 2025. Intersect, a member-based organization for the Cardano community, has recently shared crucial updates regarding this transition.
The Upcoming Hard Fork
As previously reported, the governance action for the Plomin hard fork on the Cardano mainnet was submitted on-chain on December 20th. This pivotal action signifies a new era for blockchain governance. If approved, this will instigate full governance as stipulated in CIP-1694, concluding the technical bootstrapping phase.
Intersect’s Anticipation on the Plomin Hard Fork
Intersect’s latest update foresees the potential activation of the Plomin hard fork on the Cardano mainnet in January. It outlines the possible epoch boundary dates for the upgrade. However, this prediction depends on the ratification of the governance action by the stake pool operators (SPOs) and the Intersect Constitutional Committee (ICC). The crucial dates for this process are January 14th, 19th, and 24th, with the final deadline for vote submission being January 29th, 2025.
Cardano’s Vision for Decentralization
This proposed shift aligns with Cardano’s long-term aim to evolve into a fully decentralized and self-governing blockchain. If the governance action is successfully ratified, it will herald a groundbreaking era of decentralized governance for Cardano.
Exchanges and dApps Ready for the Upgrade
The Cardano community, with keen interest, has been closely tracking the progress of the governance action and the readiness for the Plomin upgrade. Intersect’s latest update sheds light on the preparedness of dApps and exchanges, highlighting those that have indicated their readiness for the hard fork action.
Intersect’s Update on dApps and Exchanges
Intersect has identified the first batch of dApps that have affirmed their readiness for the Plomin hard fork. These include Danogo, Fluid Tokens, Genius Yield, Minswap, Snekdotfun, Splash, Summon, Tempo, and Wanchain. Additionally, exchanges such as Bitrue, CEX.IO, Coinbase, Crypto.com, Gate.io, Kraken, OKX, and Upbit have also confirmed their readiness.
Current Status of the Plomin Upgrade
As of the January 6th update on the Plomin upgrade, 79% of SPOs are currently producing blocks on Node version 10. Out of 213 SPOs, 209 have cast their votes in favor of the upgrade, representing 17% of the stake. For the Plomin hard fork to pass, a minimum of 51% of the stake must vote “yes.” The governance action for the Plomin hard fork will expire on January 29th.
Conclusion
The forthcoming Plomin hard fork represents a significant milestone for Cardano and its quest for decentralization. With the community and many exchanges and dApps signaling their readiness, the blockchain world awaits with bated breath for the outcome on January 29th, 2025.
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