Cardano Activates Chang Upgrade, ADA Token Becomes Governance Token!
2024-09-02
Bittime - Cardano successfully activates Chang upgrade and the ADA token officially becomes a governance token. Read this article to find out the full news!
Cardano Community Governance Structure
After enabling the Chang upgrade, Cardano introduced a new governance structure consisting of three main user-led bodies, viz Constitutional Committee, Delegations (dReps), and Stake Pool Operators (SPOs).
This governance structure is designed to increase community participation in decision-making and ensure that any proposed changes to the blockchain receive approval from stakeholders.
Chang hard fork will be implemented in 2 phases. The first phase has begun with the formation of a temporary constitutional committee tasked with overseeing Cardano's governance.
The second phase is expected to fully empower these new governance bodies after 90 days, when the entire ecosystem is ready to actively participate in governance.
Read Also: Cardano (ADA) Price: Soaring To $45 or Freefalling to $0.2?
The Important Role of ADA Tokens
With the implementation of the Chang upgrade, the ADA token is now officially a governance token. That way, ADA token holders can participate in the election of governance representatives and vote on development proposals.
Cardano Governance is More Decentralized
With Cardano moving towards more decentralized governance, the blockchain is increasingly aligning with the decentralized ethos of the blockchain industry.
However, this change could also be seen as an attempt to distance itself from securities regulations by providing additional utility to the ADA token.
Even though Cardano is ranked 28th on DeFiLlama's list, the project continues to attract attention.
Read Also: Cardano (ADA) Price Prediction in 2024
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